How Atlético Madrid turned on-field success into a global brand

At the turn of the century, Atlético de Madrid was in the midst of one of the darkest moments in its over 120-year history. The historic soccer club, which at the time boasted nine La Liga titles, started the 2000/2001 season in the Spanish second division for the first time since the 1930s. Feelings around the club, affectionately nicknamed “el pupas,” or the unlucky ones, were grim.

Fast-forward to 2026, it has added two more league titles, become a regular in the UEFA Champions League, where the club is now a semifinalist, and has transformed itself into one of the most valuable—worth $1.7 billion, according to Forbes—clubs in the world.

Many would attribute the on-field success to talismanic figures like manager Diego Simeone or star forward Antoine Griezmann (set to join Major League Soccer this year with Orlando City), but what about the personnel off the field?

Los Rojiblancos, a reference to the team’s red-and-white jerseys, have leveraged on-field success into a world-class stadium and premier partnerships with brands like Nike. That’s not to mention the major backing of American firms like Apollo Sports Capital, the global sports investment company of Apollo, which is now the club’s majority shareholder.

Revenue Brew spoke with the less-celebrated members of the soccer club to track this period of business success. 

“Proud to not be like you”

Atlético Madrid has long been an underdog, competing with the likes of Real Madrid and FC Barcelona, and is also one of the best at playing a defensive style that is in some ways the antithesis of its rivals. For Óscar Mayo, Atlético’s chief operations officer, the defining phrase is “orgullosos de no ser como vosotros,” meaning “proud to not be like you.”

“It’s an opportunity to compete in every area with Real Madrid and Barcelona that’s forced us to be different. We have to keep thinking, in every decision that we make: How can we make things different? Because we are the challenger.” Mayo said.

The opening of Atletico’s new home, now named the Riyadh Air Metropolitano, in 2017 was one opportunity for differentiation. The venue hosted the UEFA Champions League final, the most watched yearly sporting event in the world, in 2019 and is set to host it again in 2027.

Mayo said the stadium has opened up an abundance of revenue opportunities and is already generating $130 million per season, while the previous stadium (the Vicente Calderón) only generated $48 million per season. For Atlético, having a world-class stadium allows it to continue generating revenue during the offseason, with high-grossing concerts featuring acts like K-pop group BTS and Bruno Mars slated for later this year.

The ultimate goal for Mayo, and the club, is to create a commercial project around the stadium dubbed “Sports City.” He said it will include concert venues in conjunction with Live Nation, stores potentially featuring sponsors like Nike, and fitness centers—something Atlético’s rivals have not attempted.

“It’s something that we are working really hard on, and I think is going to be unique,” Mayo said.

Respecting the fans

As the club has grown in status, Fernando Fariza, Atlético’s director of social, has worked to maximize revenue while making sure longtime fans can continue to enjoy the game with their families.

“We always try to have 80% at least, or 85% of the seats sold to our season ticket holders. That’s important, first for the atmosphere, also with a big range of prices it’s important to have young people and children,” Fariza said.

For Fariza and his team, building Atlético’s brand and community means providing ample activities for young fans; the “Kids Challenge” at the Riyadh Air Metropolitano is an example of a tour experience curated specifically for the younger generation.

“Almost 45% of our club members are less than 30 years old, so that’s important for the future, but also to be different,” Fariza said. “Win or lose, the atmosphere is always great, and that is in our strategy.”

You are who you keep around

Everyone is more popular when they’re winning, and Atlético is no different. The team’s business functions must be on point because (theoretically) making more money means a better team on the field (but that’s not always true, just ask fans of Tottenham Hotspur FC).

Last year, the club said it signed $600 million in sponsorships, under the leadership of chief commercial officer Andoni Moreno. Moreno said he and his team established new guidelines for how they would work with partners. Instead of going for quantity, the club looked at brand quality.

“We need to find these brands that are at the same level of the club, that share the values, because we don’t like partners only for money,” Moreno said. “We need to tell stories now; it’s not a question of just visibility.”

According to Mayo, the club’s success on the field means more consistent commercial revenue for the sporting and business sides of the organization. It currently has contracts with brands like Red Bull, LG, Riyadh Air, Hyundai, and perhaps none bigger, and more validating, than Nike.

The swoosh has been with Atlético since 2001, and last year the two renewed the contract to “just do it” until 2035. Under its previous Nike contract, Atlético reportedly made €15 million ($16.7 million) annually; under the new deal, that amount is set to double.

Going on the attack

If Atlético’s team off the field were assigned positions, think of CMO Valerio Gori as the flashy winger. The executive has been tasked with using the team’s current momentum to drive brand growth worldwide. In February, “Mr. Red,” Atlético’s in-house sports marketing agency, was launched.

“We are a football club. I don’t like to create commercial campaigns in the classic way,” Gori said. “Many times we are not just selling a product with football fans, so we need to find a different type of connection.”

Recently, the club embarked on a unique partnership with Netflix to promote the release of Peaky Blinders: The Immortal Man during one of its home games. The stunt went viral as actors dressed as Peaky Blinders mobsters escorted fans and players alike around the stadium; the team even installed a pop-up English pub that mirrors the mob’s HQ in the show.

Gori and his team also see the FIFA World Cup, which will take place across 16 North American cities this year, as an important growth opportunity.

To maximize brand awareness, Gori has led multiple “Casa Atleti” activations in the US, a key and fast-growing market for soccer. First in Los Angeles and most recently in Miami, these multiday events brought American fans together for dance parties, family activities, chances to meet club legends, and of course, an opportunity to watch important games.

Moreover, drinks and merchandise at these events were heavily discounted so as to attract more fans, and convert former neutral parties into supporters. Activations like this help put Atlético in a position to capitalize on a tentpole event like the World Cup.

“Sometimes the goal is just increasing your fan base,” Gori told Revenue Brew. “Sometimes money is not the only KPI that we think we can take in consideration.”

Betting on yourself

As the club’s director of technology and digital development, René Abril handles everything from ensuring fans can enjoy wi-fi in the stadium to helping departments create new technology.

In the last few years, like many technology employees, Abril has been working closely with revenue teams to optimize areas of growth. When commercial employees presented a theory that they were missing out on jersey sales because products were not being promoted in a personalized manner on the e-commerce platform Fanatics, Abril got to work.

“It was very difficult to continue…just to show up on [the website of] one of the biggest companies in the world, like Fanatics,” Abril said.

With the new system that Abril and his team built from scratch, the club is now able to create personalized deals and product promotions. For example, the club is running a deal on merch for Atlético’s appearance in this year’s Copa del Rey final (its first since 2013)—a promotion that would have been impossible on Fanatics. The website has done more than enable promotions. In fact, according to Mayo, jersey sales have doubled since the club started managing its own e-commerce.

Expert insight: the business of sport

Victor Matheson is a professor of sports economics at College of the Holy Cross, a former referee for the NCAA and US Soccer, and a man known to wear soccer jerseys to class.

Assessing Atlético’s push to grow its brand during an era of sustained success, Matheson was bullish on what the club is doing—especially with its stadium.

“If you can find the way to set aside some of your current money to do these things like build nice stadiums, then that ensures your revenue stream going forward. The thing is, most teams can’t do that,” Matheson said.

He also applauded Atlético’s efforts to grow its brand, as this is the only way for teams to unlock independent revenue streams.

“Brand growth is going to be money that you as a team specifically get, versus media rights growth tends to be more money that’s going to the league,” Matheson said.