Real Madrid is reportedly devising a bold strategy to sell between 5% and 10% of the club by 2026, contingent on legal frameworks allowing such a move. Currently, the club’s statutes and sports law create significant hurdles, making it nearly impossible without overwhelming support from the socios. This rigid environment poses a challenge for a project that is as sensitive as it is ambitious.
Internally, discussions have matured around the idea of amending the statutes to ease voting regulations, thereby paving the way for potential conversion. Key figures driving this initiative include club president Florentino Pérez, Anas Laghari—who is believed to be the first advocate for reform—and José Ángel Sánchez, the president’s trusted legal advisor. The atmosphere surrounding these discussions is reportedly tense, characterized by closed-door meetings and a desire for discretion, as initial dissenting voices emerge against altering the club’s social model.
The Need for Financial Flexibility
As it stands, any reform of this magnitude requires approval from more than half of all socios—not just those who vote—which presents a nearly insurmountable challenge given the sensitivity of the topic. Pérez and his close associates are skeptical about securing this necessary backing without first modifying the statutory framework. The overarching aim is to sidestep a referendum that could derail the entire initiative.
Financial Imperatives Behind the Move
At the heart of this maneuver lies an urgent financial necessity. Despite achieving record revenues, Real Madrid’s net margin remains precariously low, estimated between €20 million and €30 million. This situation poses a risk to their operational model, particularly in the event of an underwhelming season. Compounding these financial pressures are substantial costs associated with renovations at the Santiago Bernabéu Stadium, projected to range between €80 million and €100 million.
In light of these factors, Real Madrid is actively seeking external investment, distinct from Laghari’s previously discussed fund. This issue stands as one of the most delicate challenges in Pérez’s tenure as president. Ultimately, its success hinges on one crucial element: his ability to persuade socios that this reform does not threaten their beloved club but rather secures its future.
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