Real Madrid faces unexpected elections after the club announced that long-serving president Florentino Perez will face competition from Enrique Riquelme, a renewable energy entrepreneur. Club statutes require approximately 100,000 socio members to vote between the two candidates within the next fortnight.
Perez remains a strong favorite to retain the presidency, though his plan to reappoint Jose Mourinho is presently on hold. Two weeks ago, there were no signs of elections. Perez still had four years left in his current term, and despite the dissatisfaction surrounding the club’s disappointing 2025-26 season, his position seemed secure.
This changed after his unusual press conference on May 12, where he spoke about shadowy conspiracies against him and welcomed any challenges for the presidency. Although he did not mention anyone by name, Perez referred to someone with a ‘Mexican accent’ involved with ‘electricity companies,’ pointing toward Riquelme. Riquelme, the founder of Cox Energy, has significant interests in Mexico and openly discussed his ambition to become Madrid president.
Following the press conference, Riquelme wrote an open letter in Marca, expressing interest in running for the presidency while calling for a longer election process. He highlighted the difficulty of running due to changes in club statutes during Perez’s tenure. These changes require candidates to be Spanish citizens, have 20 years of membership, and provide a bank guarantee of 15% of the club’s annual budget, which stands at €1.25 billion for 2025-26.
Last Thursday, Madrid officially called for elections under existing rules, starting a 10-day period for candidate filings. Despite the tight timeframe, Riquelme embarked on preparing his candidacy. The main financial hurdle of a €187 million deposit was reportedly not an issue for him, thanks to his company’s resources.
Riquelme began his career at a family-owned gas station in Spain and moved to Central America at 21 to start a company that supplied sand for the Panama Canal expansion. In 2014, he founded Cox Energy, which has solar projects globally. Riquelme’s 20-year club membership is also satisfied; his father was a club director from 2006 to 2009.
In recent weeks, Riquelme appeared in public engagements, asserting a need to act now due to Perez’s plans to privatize the club partially. At the same time, he has formed relationships with figures around the Bernabeu, including Rafael Nadal and former Madrid players.
Sources suggest Riquelme’s candidacy aims for the future rather than immediate victory, especially considering how strong Perez’s position appears. His candidacy is driven by fears of club privatization, contrasting with Perez’s claim of maintaining member control.
Madrid officially acknowledged Perez’s reelection candidacy the day after his presentation to the elections board. Fans attending the final La Liga game against Athletic Club were greeted with a banner celebrating the club’s European successes under Perez’s leadership.
Riquelme formally presented his candidacy at Madrid’s Valdebebas training ground and later attended the Bernabeu game. The election must occur within 15 days, before June 8.
Regardless of the outcome, industry insiders believe Perez may benefit from the current scenario, strengthening his position amid recent on-field setbacks and internal team issues.