A new term for Florentino Pérez keeps alive a controversial proposal that could change Real Madrid’s ownership model.
Florentino Pérez has secured another four‑year term as President of Real Madrid, clearing the way for his proposal to sell 5% of the club to an external investor.
The plan, which would require a separate members’ vote, became one of the most eye‑catching issues of the campaign, next to the debate over who Pérez and challenger Enrique Riquelme would appoint as manager if elected.
Pérez secured 65% of the vote to Riquelme’s 35% in the club’s first contested election in 20 years. The 79-year-old has led Real Madrid since 2009, having previously held the role between 2000 and 2006, a spell in which the club won seven UEFA Champions League titles and seven La Liga titles.
Pérez’s plan to sell 5%
The ownership question was a major talking point in the final days of the campaign, with Pérez using multiple media appearances to explain why he believes Real Madrid must sell a small stake to a private investor.
He spoke about fixing an external valuation for the club and formalising the financial ownership of the 100,000 Socios.
“As you know, I’m going to give the financial ownership to the 100,000 members,” he said. “Being a Real Madrid socio will no longer be just a sentimental thing… but will also mean being a lifetime owner of the club.”
He said the current structure contains a practical flaw in that when a member dies, their membership and therefore their ownership ends.
“I’m going to give the members financial ownership,” he said. “It’s a satisfaction for me because I came in wanting them to be the owners from day one.”
He also argued that selling 5% wouldn’t cede control but establish a market valuation.
“Who says the club is worth 10 billion? Forbes? That’s not a valuation. A valuation is when someone buys a tiny part, 5%, simply to establish the value.”
When asked about what the investor would gain, Pérez said it would mostly be about a brand associating itself with the club, and insisted that any future sale of more than 5% would require a referendum.
Riquelme wants to protect Real Madrid’s model
Riquelme wasn’t given much of a chance to take the crown from Pérez, but the rare contested vote created an opportunity for opposition. He used his final speech to emphasise his rejection of the ownership proposal, stating that the red line of his campaign was opposition to any sale of the club.
He repeatedly returned to the issue throughout the campaign, positioning himself as the defender of the socio model.
“Florentino Pérez has crossed a red line,” he said. “I’ll do the opposite. I’ll go to a notary this week to put in writing, in public, that I would never sell any part of Real Madrid to a third party, and I invite Florentino Pérez to accompany me.”
What a 5% sale would change
Real Madrid is one of a small group of major European clubs, including Barcelona and Athletic Club, that are member‑owned. The Socios elect the president, vote on major decisions and hold collective control of the institution. This means that there are no private shareholders and no external equity.
A 5% sale would likely not change the voting structure or governance rights of members, but it would introduce a private investor into a model that has been fully member‑controlled for decades.
Pérez argues that the sale would be symbolic and valuation‑driven, with no influence over sporting or financial decisions. However, Riquelme and those in opposition argue that opening the door risks changing the character of the club.
The proposal would require a separate members’ vote, though Pérez is said to be kickstarting the process as soon as possible.
