Owner Partners or Private Giant?

Madrid, May 31, 2026.

The atmosphere in Valdebebas is full of expectation. The race for the presidency of Real Madrid has entered a decisive phase, and the central axis of the debate is none other than the club's ownership model. Two opposing visions, embodied by the candidates Enrique Riquelme and the current president Florentino Pérez, struggle to define the direction of the merengue entity.

Currently, Real Madrid is governed by a democratic administration model. The members, through their vote, elect the Presidency and the Board of Directors, who take the reins of the club. However, the heritage, that vast tangible and intangible wealth that defines the club, does not belong to any particular individual, but is a common asset of all members.

This system, which is renewed every four years with the election of a new leader, seeks the most efficient management and income generation. The profits obtained, far from being distributed among the members, are reinvested in the club itself, strengthening its structure and its competitive capacity in the global panorama.

This non-associated club model is, today, a rarity in Spanish football. The vast majority of teams, with the notable exception of FC Barcelona and Athletic Club, have taken the path towards private companies. This transformation, often driven by economic crises, was presented as the surest way to guarantee survival and growth.

Football, as a global phenomenon, has experienced an unprecedented metamorphosis. Territorial expansion, the professionalization of management and the growing importance of the 'spectacle' have redefined the rules of the game. In this context, Florentino Pérez has presented a bold proposal: opening the door for the members themselves to become owners of the club.

The idea, although attractive in its concept of democratization of property, is not free of complexities. Current legislation requires a detailed explanation of the model, ensuring that the partners' participation is not reduced to a simple transaction of shares with a certain value.

Florentino Pérez, if the confidence of the members supports him at the polls, has proposed to reel off this proposal. The objective is for members to be able to acquire a percentage of 5% of the club's total assets, thus becoming co-owners. A decision that, if approved, would mark a before and after in the history of Real Madrid.

Pérez's proposal seeks to capitalize on the intrinsic value of the club, allowing members a more direct participation in its economic future. This route could, theoretically, generate new sources of financing and strengthen the club's position in an increasingly competitive market.

On the other hand, Enrique Riquelme has raised his critical voice against this model. Its vision focuses on preserving the essence of the club as a social and sporting entity, managed by and for the members, without the dilution of ownership that a possible sale of shares could imply.

Riquelme argues that privatization, even partial, could open the door to interests outside the tradition and values ​​of Madridismo. The main concern is that future decision-making may be influenced by purely economic criteria, to the detriment of the club's identity.

The electoral campaign is shaping up to be an intense debate about the soul of Real Madrid. Should the club adapt to global market trends and explore more entrepreneurial ownership models, or should it cling to its social and democratic nature, strengthening the figure of the member as the maximum guarantor of its legacy?

The history of Real Madrid is marked by transcendental decisions. The one now being raised at the polls could be one of the most significant, defining not only its economic structure, but also its own identity in the decades to come.

The partners will ultimately have the last word. They will be the ones who must weigh the risks and benefits of each proposal, and choose the path they consider most appropriate for the future of their beloved club. The decision will not be easy, but it will undoubtedly be exciting.

The debate over the ownership of Real Madrid is not a trivial matter. It affects governance, financing and, ultimately, the very essence of one of the most important sports institutions on the planet.

Florentino Pérez's proposal to allow members to acquire 5% of the club's assets opens a range of possibilities. One of them is the diversification of income sources, which could come from the partners' own investment.

Another perspective is that defended by Enrique Riquelme, who advocates maintaining the current model, strengthening the management and participation of partners without needing to alter the ownership structure.

The current situation in world football, marked by globalization and the growing influence of investment funds, adds a layer of complexity to this debate. Real Madrid, as the main actor in this scenario, must make strategic decisions to ensure its long-term sustainability.

The possible sale of a percentage of the club's assets to members could be interpreted as a movement to protect themselves against possible external offers or to generate capital to undertake large projects.

However, Riquelme's concern about the dilution of ownership and the possible influence of interests outside of Real Madrid is legitimate and should be considered by the partners.

The debate is open, and the members of Real Madrid have the responsibility of thoroughly analyzing each proposal before casting their vote. The election will define the future of a century-old institution.

The electoral campaign is being lived with intensity, and each statement, each proposal, is analyzed with a magnifying glass by the Madrid social masses.

The future of Real Madrid is at stake, and the final decision will fall on the shoulders of those who have made this club great: its members.