Enrique Riquelme warns upcoming Real Madrid elections could be the club’s last before privatisation amid growing uncertainty around Florentino Pérez’s future
Real Madrid could be heading towards one of the most significant institutional changes in the club’s history after presidential candidate Enrique Riquelme claimed privatisation is “on the horizon”.
The comments come after current president Florentino Pérez called snap elections following a second successive season without a major trophy. Despite only being re-elected in January 2025, Pérez held a rare press conference last week in which he strongly rejected suggestions the club was in crisis, while also confirming new elections would take place.
Riquelme, a businessman who had also considered running against Pérez in 2021 before withdrawing, is now appears the most likely candidate to run against the current president in the coming elections.
Riquelme warns over Real Madrid ownership future
Speaking at the 7th International Forum organised by business publication Expansión, Riquelme suggested the upcoming vote could fundamentally alter the structure of the club.
“These could be Real Madrid’s last elections because privatisation is on the horizon – or so they say,” Riquelme stated.
“Those of us who disagree with this privatisation have an ethical and moral obligation to ensure that Real Madrid remains owned by its members and that it holds a more special place for those members.”
Suggested Articles
Real Madrid have historically been owned by socios – the club’s members – rather than private investors, making any move towards privatisation hugely controversial among supporters. Rumours surrounding potential outside investment have circulated in recent years, but Riquelme’s comments are among the clearest public suggestions yet that major structural changes may be underway.
Away from the boardroom, uncertainty also remains around the club’s sporting direction after another disappointing campaign. Los Blancos have not won LaLiga, the Copa del Rey or the Champions League in the last two seasons.
Real Madrid appear set to appoint José Mourinho as their new head coach.
Xabi Alonso was dismissed in January, with Álvaro Arbeloa taking interim charge. However, after failing to deliver silverware, Real Madrid are now widely expected to turn back to.
Riquelme avoided discussing specific transfer or coaching plans but hinted that his project was already taking shape behind the scenes.
“You can’t finalise a squad of exciting players in just five days. I can’t give any names, because that would put people in an unnecessary conflict; some of them are with other teams, but we also have a tremendously exciting project on the sporting side,” he said.
