By Martin Graham
Real Madrid is preparing for a major modification of the governance model that has defined the institution since the beginning of the 20th century. Florentino Pérez confirmed that the organization will allow, for the first time, capital from an external entity, which represents a departure from more than a century of exclusive control by members.
The club leader, now in his seventies, outlined a project that would introduce a minority investor in a newly created subsidiary. Since its foundation in 1902, Real Madrid’s decisions have rested exclusively with its 98,272 members, who vote for the club’s president and help determine strategic plans.
The proposal, however, still requires permission from members. During the 2025 General Assembly of Delegated Members, Pérez pledged to call a special meeting where 2,000 representatives will examine the initiative, followed by a full referendum for the entire membership base.
Pérez explains the reasons for the property adjustment
Pérez stated that months of evaluation led management to consider how best to demonstrate the club’s economic value. According to him, Real Madrid will continue to operate as a membership association, while the newly created company would remain under social control, with an external participant limited to approximately five percent.
He clarified that Real Madrid has no intention of entering the stock market and stressed that any external involvement would be limited to ensure that the authority remains with the affiliation. He added that the investor must respect the club’s principles and help safeguard its long-standing assets from outside pressures.
Pérez also stressed that Real Madrid will retain the right to buy back any stake. He argued that the institution should never depend on a single leader or a small circle of directors. The next extraordinary meeting will offer a more detailed explanation, although he stressed that he wants to prevent speculation from spreading through the media.
What the adjustment means for Real Madrid’s long-term prospects
If the plan goes ahead, each partner would retain one share that could only be inherited by direct descendants. According to The Athletic, any new financial partner would receive a share of Real Madrid’s earnings but would have no voting authority, keeping all decision-making power in the hands of members as it has been for 123 years.
The initiative focuses on generating additional income while maintaining the identity of Real Madrid. Pérez has continually sought to expand the club’s global footprint, whether through new revamped events at the Bernabéu or collaborations such as a high-profile documentary deal with Apple.
This system would also help Real Madrid avoid becoming a SAD, a structure adopted by most Spanish clubs. In addition, the model would strengthen the position of the organization in the face of the proposals of the head of the League, Javier Tebas, who promotes a regulation that allows the League greater access to the annual income of Real Madrid.
