Selling Equity to Embrace Capital? Real Madrid Presidential Election, Florentino Perez Aims for Comprehensive Reform

Written by Han Bing Despite Riquelme, Perez's youthful rival, attempting to attract the attention of Real Madrid supporters by bringing up Rodri, Raul, and Hierro, the outcome of this intentionally advanced presidential election is hardly in doubt. For Perez, the election is just a procedural step. He must quickly begin his new mandate to enact the club's transformation more decisively. These changes extend beyond a new coach and squad; they also involve securing fresh financing for Real Madrid and restructuring the club to gain more support from members and fans. As Real Madrid celebrates its 125th anniversary, Perez aims to present a grand new vision for the club's future dominance.

Perez's current opponent, Riquelme, initially promised to sign Manchester City midfielder Rodri as his campaign pledge. As the election date neared, he announced that if elected, he would appoint legendary star Raul as sporting director and Hierro as head of Real Madrid's youth academy. Furthermore, Riquelme declared that he would gradually reveal the name of the new coach and a second superstar. However, given that Jose Mourinho's appointment as Real Madrid coach is already a done deal, and transfer expert Fabrizio Romano has confirmed on Perez's behalf that the club has essentially secured two new signings—Konate and Dumfries—Riquelme is destined to be a mere "placeholder" in this election.

Perez has also made several promises to Real Madrid fans to garner votes. Besides the inevitable new coach Mourinho, Perez has pledged that at least five major reinforcements will join the club this summer to significantly boost the squad. The French center-back, leaving Liverpool on a free transfer this summer, will sign a four-year contract with an option for a one-year extension in the third season, filling the void left by Alaba's departure. Real Madrid has activated Dumfries' €20 million release clause, bringing the Dutch full-back to the Bernabéu. Endrick, who impressed during his loan spell, will return, and the club will buy back Nico Paz, a promising youngster who excelled in Serie A. The truly heavyweight signings will be in midfield or at striker; Spanish media even believe that among the two superstars, Rodri and Haaland, Perez's post-re-election goal is to secure at least one of them this summer.

To win more support from fans, Perez has also promised that if re-elected, the club will gift every member a jersey with an exclusive member badge each season. This member-exclusive jersey will not be sold to the public—only members can own it, serving as a symbol of their distinction from ordinary fans. According to reports, the long-rumored Real Madrid 125th-anniversary commemorative jersey will be the first such exclusive jersey given to members. The leaked design sketch shows a clear member badge on the left sleeve. With this move, Perez aims to place members at the core of Real Madrid, demonstrating that the club's greatest asset is not its stadium, commercial revenue, or star-studded team, but its hundreds of thousands of members.

Perez continues to court support through star coaches, top players, and member-exclusive jerseys, all to secure as many member votes as possible before the election. His goal is not just to win, but to push forward the long-planned structural reform of the club. Riquelme has attacked Perez's plan to sell a portion of Real Madrid's equity, accusing him of treating the club like a commodity. However, Perez insists that Real Madrid has always belonged to its members, and that members have always elected the management, board, and president.

Nevertheless, Real Madrid will soon establish a company fully owned by the club to operate its football and basketball first teams. When the time is right, all Real Madrid members will vote on whether to bring in new investors to purchase up to 5% of the new company's shares, generating cash flow that matches the club's enormous commercial value. This would alleviate debt pressure and give the club a competitive edge in the transfer market against top Premier League clubs. Perez's explanation is clear: this is not privatization of Real Madrid, but an economic decision collectively made by the members. It means that everything about Real Madrid still belongs to the members, thus completely dispelling any concerns about a takeover.

In Perez's view, 2026 will be the third revival of his leadership at Real Madrid, similar to 2000 and 2009. But this time, the biggest transformation will not be on the pitch, but off it. Real Madrid aims to fully embrace capital from investors willing to support the club, while maintaining its member-owned tradition, thereby regaining a decisive financial advantage over other top clubs. If Perez wins re-election, the structural reform of Real Madrid will be a milestone in the history of Spanish and even European football.