The General Shareholders' Meeting of the Atlético de Madrid approved this Friday “unanimously”, the capital increase of 181.8 million euros with the aim of recovering “the stability” of the club after the negative economic effects of the pandemic, according to sources from the entity.
“The General Board of Club Atlético de Madrid, SAD, meeting today, at the Wanda Metropolitano stadium, with the attendance of partners representing 98.29 percent of the share capital, has unanimously agreed a capital increase through the issuance of 972,082 new shares, with a nominal value of 8.5 euros and an issue premium of 178.60 euros per share, representing a total of 181,876,542.20 euros, at a rate of 187.10 euros per share ”, specified the rojiblanco club in an official statement.
The recently constituted company Athletic Holdco, which Miguel Angel Gil, CEO of the club and maximum shareholder, and Enrique Cerezo, president, “they have contributed all their shares” of Atlético de Madrid, has committed “to exercise its pre-emptive subscription right” worth almost 120 million euros with an investment agreement with “funds managed” by the American company “Ares Management Corporation, which take a participation of 33.96 percent of the capital of the majority shareholder (Atlético HoldCo) of the club ”, specified the note.
According to her, Gil Marin “Considers that the incorporation of a new strategic investor who is a world reference in numerous economic sectors greatly strengthens the club's project”, in addition to highlighting “the enormous importance of the capital increase to mitigate the adverse economic effects caused by the pandemic in the club income during this last season, as well as to reduce the level of indebtedness derived from both the investment in the new stadium and the acquisition of players to maintain the high level of competitiveness of the first team ”.
The current shareholders of the club “will have a preferential subscription right to subscribe the new shares and, in the event of exercising it, must pay 187.10 euros for each new subscribed share, with a monetary contribution, within a period of one month from the publication of the corresponding announcement in the Official Gazette of the Mercantile Registry ”, explained the entity.
In this sense, in his speech during the General Meeting, as explained by the club, Gil Marín “has informed the shareholders of the recent constitution of the Atlético HoldCo company, to which the club himself M
iguel Angel Gil Y Enrique Cerezo, after the mandatory authorization of the Higher Sports Council, they have contributed all their shares in the Club Atlético de Madrid, so that the Atlético HoldCo company is currently the majority shareholder of the club with a participation of 65.98 percent of its capital stock ” .
“Miguel Ángel Gil has committed to the shareholders that Atlético HoldCo exercise its pre-emptive subscription right in the capital increase agreed by the General Meeting, which will mean that, in the coming days, Atlético HoldCo will contribute almost 120 million euros to Club Atlético de Madrid ”, the statement added.
For such a “significant” capital outlay, Atlético HoldCo “has reached an investment agreement with funds managed by the company Ares Management Corporation as a strategic investor that, yesterday, took a 33.96 percent stake in the capital of Atlético HoldCo, a company of which Miguel Ángel Gil himself will continue to be the majority shareholder ”.
At the same time, “Mark Affolter, partner of Ares Management Corporation, joins the board of directors of Atlético HoldCo”, according to the statement, which informs that the aforementioned US corporation “is a leading alternative investment manager in the world that offers its clients complementary primary and secondary investment solutions in the asset classes of credit, private equity, real estate and infrastructure ”.
“As of March 31, 2021, including the acquisition of Landmark Partners, which closed on June 2, 2021, Ares Management's global platform had approximately $ 227 billion of assets under management with more than 1,600 employees that operate in North America, Europe, Asia Pacific and the Middle East ”, he specified.
“Ares celebrates making this strategic investment in Atlético de Madrid given the value of its international brand, the loyalty of its fans and its resilience during the COVID-19 pandemic. As the world begins to reopen and with the support of flexible Ares capital, we believe Atlético de Madrid is well positioned to capitalize on the growth in demand for content and opportunities for expansion, ”they said. Mark Affolter Y Jim Miller, partners of Ares Management Corporation, in a statement read by Enrique Cerezo, club president.
The rojiblanco leader “has shown his enormous satisfaction with the fact that Ares Management Corporation has decided to make such a significant investment in Atlético de Madrid, which is a great support to the management carried out in exceptional and difficult circumstances for all clubs soccer”.