Florentino Perez pledges immediate ownership referendum if re-elected Real Madrid president

Florentino Perez has confirmed he will immediately call a referendum on Real Madrid’s ownership structure if he wins the club’s presidential elections next Sunday, with his only rival being candidate Enrique Riquelme.

Real Madrid has been member-owned since its founding, but Perez is proposing to convert those members into shareholders and sell approximately 5% of the club’s shares — a move that would likely raise hundreds of millions of euros while introducing a degree of private interest into the club’s finances. Perez first hinted at the change in 2024, framing it as a measure to protect the club’s long-term interests.

Speaking to El País, Perez was clear that any change would require majority approval from members and would not be imposed unilaterally. “Whatever the members want, and always by referendum,” he said. “But this 5% won’t be making decisions. You could say that it would be more about image, associating with a brand like Real Madrid. But it will be the 95% and the members that will continue to be in charge. I won’t die until I ensure the club’s patrimony belongs to the members.”

Perez also used the interview to draw a sharp contrast with Riquelme’s candidacy. “Someone who comes in, who has no money, who secures a line of credit to buy Madrid — that won’t happen,” he said. “The other candidacy is a syndicate of interests, the ones that went to the General Assemblies and voted without being members. Immediately after the elections, I want to call an assembly of delegate members and do the referendum.”

On the question of whether further shares could be sold beyond the initial 5%, Perez indicated that would also be subject to member approval through referendum, suggesting the mechanism is intended as an ongoing safeguard rather than a one-time transaction.

To prevent foreign influence over the club, Perez outlined a specific inheritance structure for the proposed shares. Members would not be permitted to sell their allocation freely; instead, they would designate a recipient — in principle a family member — to whom the shares would be passed. If no direct family member was available, a member could nominate the child of another family member as the beneficiary.

The proposal represents one of the most significant structural debates in Real Madrid’s modern history. Whether Perez secures the mandate to put it to a vote will be determined at next Sunday’s elections.