They were once the paupers of Primera Liga, the bad credit rating, the club tied to a strict debt repayment programme, and dependent on third-party investors. 

They were also obliged to lose their best players every season and in recent years that precarious status has also left their brilliant young coach Diego Simeone apparently in reach of richer clubs.

But Atletico Madrid have turned the financial corner and thanks in no small part to the influence of Peter Kenyon they are in a stronger position than ever to build for the future and keep their super-boss.

Former Manchester United and Chelsea CEO Peter Kenyon has worked wonders at Atletico Madrid

The La Liga club have cleared their tax debt and invested shrewdly – while also enjoying success on the pitch

Atletico’s newfound financial stability could see the club keep hold of in-demand coach Diego Simeone

Chelsea are one of several clubs interested in Simeone once Guus Hiddink sees out the rest of the season

Kenyon was at Chelsea for six-years before he left behind chief executive responsibilities and a £1.25m salary in 2009 but there is no suggestion he will grease the cogs for Simeone to move to Stamford Bridge – it seems more likely that he has helped make Atletico strong enough to keep the Argentine coach.

Kenyon joined Chelsea from Manchester United where he had been since 1997. He was responsible for laying the foundations for the sort of commercial domination the club now enjoys setting up a £30m a year deal with Vodafone among others. 

He was at the club when they bought Rio Ferdinand in 2002 and sold David Beckham in 2003. His commercial successes at Chelsea and United were what attracted Atletico Madrid to his services.

He now works in an advisory capacity to the Spanish club and to Miguel Angel Gil Marin. And there has been a similar transformation in the club’s money-making potential as there was at his Premier League clubs.

Kenyon, pictured with Sir Alex Ferguson first came to prominence in football as Manchester United CEO

Kenyon was involved in the signing of Rio Ferdinand (centre) in 2002, and the sale of David Beckham in 2003

Chelsea owner Roman Abramovich lured Kenyon to repeat his financial feat at Stamford Bridge 

Kenyon shares a joke with recently sacked Chelsea manager Jose Mourinho (left) in 2006

Atletico have almost completely cleared their debt to the Spanish tax man that at its worst grew to 250m euros. They have moved shrewdly in the transfer market over the last few years too benefiting more than most from the now-illegal third party-ownership that enabled them to bring in top players paying only half their transfer fees – albeit then only taking half the profits from the players’ sale.

The club’s ability to survive the departure of big stars has been impressive. Antoine Griezmann replaced Diego Costa who replaced Radamel Falcao who replaced Sergio Aguero who replaced Fernando Torres. 

Wherever there was third-party assistance Keynon’s name crops up because of his links with Jorge Mendes who is his former business partner and an important figure in bringing Falcao, Costa and Aguero to the Vicente Calderon.

Atletico Madrid players hoist their manager into the year to celebrate winning La Liga in 2013/14

Gareth Bale celebrates scoring for Real, but Atletico came within minutes of winning the Champions League

Despite their lower financial standing, Atletico have managed to keep pace with Real and Barcelona in Spain

There is financial backing at Atletico Madrid now like there has never been before. China’s richest man Wang Jialin, who owns the Wanda Group, bought 20 per cent of the club for 45m euros earlier this year. There is an Indian subsidiary Atletico de Kolkata and Azerbaijan are major sponsors. These are commercial strides that Kenyon has helped the club take.

There is a stadium move planned for 2017 and it will increase capacity by 20,000 to 70,000. Within that increase there will be a major jump in scope for executive boxes and bars, shops and restaurants. It will also enable the club to sell the city-centre land where the current stadium is situated.

Atletico’s TV money is set to double from 45m to 90m euros under the new television deal that comes into place at the end of the season and this will help push annual revenue up through the 200m euro barrier with 300m not an impossible aim before 2020 when Simeone’s contract is due to run out.

France international Antoine Griezmann is the latest in a long line of star forwards to play for Atletico

(L-R) Sergio Aguero, Radamel Falcao and Fernando Torres have found their way from Atletico to England

Gil has known Simeone since the Argentine international played for Atletico Madrid in the mid-nineties. He knows that keeping him at the helm will be vital in smoothing through the club’s move to that out-of-town stadium that will cost 220m euros to finish. 

It’s an unpopular switch from the much loved Vicente Calderon on the banks of the Manazares river just down from Passage of the Melancholics – which is what most Atletico Madrid supporters have been during their 111-year history nearly always in the shadow of Real Madrid.

It has been Simeone who has pulled them out of that slumber and helped them rid themselves of a reputation for being the permanently-jinxed, brave but ultimately defeated nearly men. He did it first as a captain and a hard-tackling midfielder in the mid-90s when the team won the double and again in the 2013-14 season when they won the league and reached the European Cup final with him as coach. 

Atletico have plans to move from the Vincente Calderon (above) to a new  stadium that will cost 220m euros

Miguel Angel Gil Marin (left) has replaced his more eccentric father Jesus (right) at the helm of Atletico

Gil’s father Jesus rode on an elephant through the city centre when they did the double. He was the club’s larger than life owner when many of the financially unhealthy and short-termist habits were being stitched into the fabric of the club.

The Financial Times recently asked Gil about his father Jesus and he tellingly admitted: ‘As an employee it’s not easy to work for this kind of personality because often they don’t listen. I think it might be like working for people like [Silvio] Berlusconi and [Roman] Abramovich.’

So we know what kind of advice Simeone will be receiving from Gil if he asks him should he move to Chelsea to work directly for Abramovich. He will say: ‘you’re better off where you are.’ Thanks to the work Gil has carried out under Kenyon’s guiding influence that may well be true on not just an emotional, work-relationship level.