MADRID (Reuters) -U.S.-based buyout fund Apollo Global Management is in talks with the owner of Atletico Madrid to take a significant stake in the Spanish top-flight side, Expansion newspaper reported on Wednesday.

The deal would value the team at roughly 2.5 billion euros ($2.91 billion) including debt, the report said, citing unidentified sources.

The U.S. firm would get its stake via a capital increase of Atletico Holdco, which owns the majority of the club, it added.

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

($1 = 0.8606 euros)