Real Madrid takes a step towards partial sale: Pérez promises referendum on members-share model
After his re-election, Florentino Pérez announces a referendum on Real Madrid's ownership model. The president wants to convert socios into shareholders and sell 5–10% of the club, saying he wants to protect the financial position of members. A stock exchange vehicle has been established; critics fear foreign influence.
Florentino Pérez, the re-elected president of Real Madrid, has announced that he will hold a referendum on the club's ownership model this summer. The 79-year-old director's plan involves converting the members (socios) into shareholders and selling 5 to 10 percent of the club, in his own words to 'protect' the financial position of the members.
According to Pérez, there will be no material change for members other than understanding the value of their property. Decision-making within the club would also not be affected. However, critics, including former presidential candidate Enrique Riquelme, warn that the model could open the door to disproportionate influence from external – possibly foreign – parties and further sales of club shares.

The possible sale of 5 to 10 percent could generate hundreds of millions of euros. Although the proposal has not yet been put to the vote, Real Madrid is working behind the scenes on its feasibility. As reported by Spanish media The Objective and ES Diario, the club has set up a company that can be floated on the stock exchange: Real Madrid Madridistas SL. Previously called Velvet Alma, this vehicle is fully owned by Real Madrid and has José Ángel Sánchez, the current general manager, as its sole director. Its registered address is the Santiago Bernabéu and the purpose of the company is to participate (directly or indirectly) in the creation and management of other companies.
Real Madrid already works with similar holding companies for, among other things, the management of the underground parking facilities and the operation of the Bernabéu as an event location. Pérez did not yet provide a concrete timeline for the conversion to a shareholder model; He is expected to further explain his plans in the coming months. A date for the membership referendum has also not been set, although a vote before the end of the year is likely. Pérez first publicly suggested the idea during the General Assembly in November 2024.
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