FILE PHOTO: Marc Rowan, Chief Executive Officer of Apollo Global Management, looks on during the Global Financial Leaders' Investment Summit, in Hong Kong, China November 7, 2023. REUTERS/Tyrone Siu/File Photo

(Reuters) -New York-based Apollo Global Management plans to launch a $5 billion sports investment vehicle, the Financial Times reported on Tuesday, as private capital firms step up bets on the sector.

Apollo will hire new employees to lead the strategy, which will focus on lending to sports leagues and teams, and buying stakes in clubs, the newspaper said, citing unidentified sources.

Apollo declined to comment on the FT report.

Apollo, a major corporate credit investor managing more than $800 billion in assets, recently held talks with the lead shareholder of Atletico Madrid about a potential investment in the Spanish top-tier football club, Reuters reported in July.

(Reporting by Angela Christy in Bengaluru; Editing by Nivedita Bhattacharjee)