The Apollo Global Management Based Fund is in talks with Atletico Madrid owner to take a significant action on the Spanish High Flight side, the Expansion newspaper reported on Wednesday.

The deal would evaluate the team with about 2.5 billion euros ($ 2.91 billion) including debt, the report said, citing unidentified sources.

The US firm would take its shares through a capital growth of Atletico Holdcowhich owns most of the club, she added.

Atletico and Apollo did not respond immediately to requests for comment.