By Martin Graham
Real Madrid is preparing for a major alteration to the governance model that has defined the institution since the early 1900s. Florentino Pérez confirmed that the organization will, for the first time, allow capital from an external party, signaling a departure from more than a century of member-only control.
The club leader, now in his seventies, outlined a project that would introduce a minority investor into a newly formed subsidiary. Since its founding in 1902, Real Madrid’s decisions have rested exclusively with its 98,272 socios, who vote for the club president and help determine strategic plans.
The proposal, however, still requires permission from the membership. During the 2025 General Assembly of Delegate Members, Pérez pledged to call a special gathering where 2,000 representatives will examine the initiative, followed by a full referendum for the entire base of socios.
Pérez explains reasons behind the ownership adjustment
Pérez stated that months of evaluation led the leadership to consider how to better demonstrate the club’s financial value. According to him, Real Madrid will continue to function as a members’ association, while the newly created company would remain under socio control, with an outside participant limited to roughly five percent.
He clarified that Real Madrid has no intention of entering the stock market and stressed that any outside involvement would be capped to ensure that authority stays with the membership. He added that the investor must respect the club’s principles and help safeguard its long-standing assets from external pressures.
Pérez also emphasized that Real Madrid will preserve the right to repurchase any stake. He argued that the institution should never become dependent on a single leader or a small circle of directors. The upcoming extraordinary meeting will provide a more detailed explanation, though he highlighted that he wishes to avoid speculation spreading through media outlets.
What the adjustment means for Real Madrid’s long-term outlook
If the plan moves forward, every socio would retain one share that could only be inherited by direct descendants. As reported by The Athletic, any new financial partner would receive a portion of Real Madrid’s earnings but would hold no voting authority, keeping all decision-making power in the hands of the membership as it has been for 123 years.
The initiative focuses on generating additional revenue while maintaining Real Madrid’s identity. Pérez has continually sought to expand the club’s global footprint, whether through the revamped Bernabéu’s new events or collaborations such as a high-profile documentary deal with Apple.
This system would also help Real Madrid avoid becoming an SAD, a structure adopted by most Spanish clubs. Furthermore, the model would strengthen the organization’s position against proposals from La Liga chief Javier Tebas, who is pushing for regulations granting the league increased access to Real Madrid’s yearly income.