Florentino faces an unknown dimension
The white president will meet for the first time with a mandate with a living opposition, that of businessman Enrique Riquelme
Madrid / BarcelonaFlorentino Pérez will be president of Real Madrid until 2030, or at least that's what the results of this Sunday's elections at the white club indicate, which will be remembered for a chaotic vote count. With this new four-year mandate, Florentino will approach almost 30 years at the helm of the club (he has been there since 2000 with a single interruption between 2006 and 2009). Now, he begins a new era marked by internal, but also external challenges. For the first time, he will have active opposition. Enrique Riquelme, his opponent in the elections, to whom 35% of the members have given their support –a figure that has been interpreted as a warning to Florentino–, has made it clear that he has come to stay: "This is not the end of anything, but the beginning of a journey". But what will this journey be like? And above all, will he be the only stumbling block for the white president?
Let's take it step by step. Enrique Riquelme had to build his candidacy in record time: less than a month, considering that Florentino announced their calling on May 12th. The businessman of Valencian origin faced the same scenario as in 2021, when he had already tried to run but abandoned the race due to the tight deadline. This time, he succeeded by launching an electoral proposal at a stratospheric pace, reminiscent of the evolution of Cox, the energy company he founded and presides over. In fact, Riquelme is described in business circles as a business "shark".
"Never has a candidacy achieved so much in so little time," Riquelme said proudly this Sunday. The elections have served him to make himself known – they have even meant a boost within the business world – and to build foundations that he wants to be the basis of a future project that can be an option in upcoming elections. "When you have the support of 35% of the members, you cannot disappear," they state from his circle. The intention, however, is not to maintain the media pace of the campaign or cling to a Madrid defeat to hurt the new board of directors, but to make a "constructive opposition," they add from his circle.
In any case, Riquelme will not hesitate to get into a head-to-head with Florentino when necessary: on Sunday he already challenged part of the votes before the club's electoral board and Florentino has said he will appeal. And not only on sporting matters, but also, above all, in the battle over the club's model, its legal and economic future. This involves pointing out whether the members will continue to be the owners of Madrid in the event of a private investor entering. "He will be very mindful of this," explain the same consulted sources. But it also involves questioning the club's financial situation – Riquelme has requested an audit – which carries a debt of 1,800 million euros. "We are the honest, proactive, and member-focused alternative for the future," the businessman assured this Sunday night.
Which investor?
Madrid's ownership is, in fact, one of Florentino's Pandora's boxes in this new four-year cycle. The newly elected president of Madrid has acknowledged that he is considering allowing private capital into the club and retaining 5%, although it could reach 10% of the capital. At the same time, he has promised the members that they will continue to be the owners. However, this clashes with Madrid's current structure, which is not a public limited sports company (SAE) and, therefore, would need to find a way for the operation to fit. If Florentino's Madrid truly needs or wants the money – he plans to announce new galacticos, while some income such as that from concerts at the Santiago Bernabéu remains uncertain – the white executive will seek it by all means necessary, according to business sources. However, a negotiation with the investor will come into play here, who will undoubtedly set conditions, the same sources indicate. Riquelme, now that the electoral contest is over, continues to call for a debate with Florentino so that this does not happen.
Florentino would have to submit it to an assembly. This is why the 2,000 associate members that Madrid has are key, and they are a decisive figure in all economic decisions affecting the club. They decide, for example, whether Madrid should or should not carry out a capital increase for investor capital to enter, precisely. If they vote against it and reject it – they represent all the members for whom the idea of a private investor raises suspicions – the journey ends and it can represent a less traumatic outcome for Florentino, who can excuse himself by saying he left it in their hands.
Shock on the bench
After two years blank sportingly, a third of the members who voted have given a wake-up call to the white leader. In football matters – in basketball things have not gone much better either – the team has been falling apart: Xabi Alonso was never a coach who convinced Florentino and he was gotten rid of when the tug-of-war between the coach and Vinícius was unsustainable, leaving the Basque coach exposed. His replacement, Álvaro Arbeloa, has ended up being a bad joke that never earned solid respect from the group. The white dressing room, in fact, has been a powder keg throughout the entire season: eliminated in the quarterfinals of the Champions League, eliminated by Albacete in the round of 16 of the Copa del Rey and second in the League eight points behind Barça.
To top it off: Spain will play the World Cup without any Madrid player for the first time in history. Florentino's masterstroke has been to sign the last great soldier he has left on the benches, José Mourinho, and announce a signing of 150 million euros that he has committed to reveal soon.
