Why does Enrique Riquelme believe this could be Real Madrid’s last election?

While Florentino Perez remains the dominant figure at the club, a potential challenger has ignited debate among members with a chilling warning: “this could be the last election” before a major structural change reshapes the institution.

According to statements reported by Expansión, businessman Enrique Riquelme, executive president of Cox Group, believes there is a genuine risk that the traditional member-owned structure of Real Madrid could eventually change amid growing conversations surrounding private investment.

The businessman argues that the club’s historic ownership model — built around its members — may slowly drift away unless an alternative vision emerges to challenge the current direction. That is why he says he feels an “ethical and moral obligation” to step forward.

The concern follows recent discussions surrounding the possibility of selling a minority stake linked to the club, something many supporters see as a symbolic turning point.

A race against time to challenge Florentino Perez

The possible presidential candidate also made clear that his project was never designed for this moment. By his own admission, the original roadmap pointed toward 2028, but the accelerated election timeline appears to have changed everything.

With the deadline to submit candidacies approaching rapidly, Riquelme is now working against the clock to build a compelling proposal capable of convincing Real Madrid’s voting base.

The businessman himself has acknowledged how difficult the challenge is. Florentino Perez not only dominates the club politically but also enters any election backed by one of the most successful eras in modern Real Madrid history, marked by trophies, financial stability, and ambitious long-term projects.

Still, Riquelme insists that having an alternative voice matters to preserve democratic debate within the club. According to him, the goal is to offer a different vision for Real Madrid’s future without turning the campaign into a personal battle.

Privatization: the issue making Madrid fans uneasy

One word has generated the most noise around this potential electoral process: privatization.

For Riquelme, the risk is not only financial but symbolic. He argues that the essence of Real Madrid lies in remaining under member ownership and maintaining a direct connection between institutional decisions and the people who belong to the club.

According to his comments, the debate should not focus solely on who wins an election but on what kind of institution Real Madrid wants to become in the decades ahead.

The businessman has not dismissed Florentino Perez’s achievements. On the contrary, he openly recognizes the sporting success of the current administration while making it clear that success alone should not stop a debate about the club’s institutional future.

A massive challenge in the Florentino Perez era

Competing against Florentino Perez looks like an enormous challenge. Not only because of the current president’s influence, but also due to the club’s internal regulations, which make launching a viable candidacy especially difficult.

Riquelme himself has admitted that building a competitive project in a matter of days is extremely complicated, particularly when it comes to securing support, assembling sporting ideas, and presenting a convincing long-term vision.

Even so, the businessman has left the door open to officially running and says he intends to use every available day before making a final decision.

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