Real Madrid will hold their annual members’ meeting on Sunday as expectations grow that the club may consider allowing external investors to acquire up to a 10 per cent stake, according to multiple media reports and people familiar with the discussions.
Club president Florentino Pérez is reported to be considering a proposal that would bring new investors into a structure traditionally controlled by approximately 100,000 members. Around 2,000 delegates selected from that membership will attend the assembly, where they are empowered to elect the club’s president, review financial accounts and vote on statute changes.
Any move would represent a significant shift for one of the few major European clubs still operating under a membership model, a system shared only with Barcelona, Athletic Bilbao and Osasuna. The discussions come shortly after U.S. private equity firm Apollo became majority shareholder at Atlético Madrid, highlighting growing investor interest in European football’s steady revenue streams.
Real Madrid remain the only club in world football to have generated more than one billion euros in annual revenue, according to Deloitte. Even so, Pérez has repeatedly argued that the membership model limits Real’s competitiveness in the transfer market when compared with clubs such as Paris Saint Germain, Manchester City and Chelsea, which are backed by state wealth, private equity or billionaire owners.
Pérez has long championed the European Super League as a mechanism to retain that competitiveness. At last year’s assembly he raised the possibility of a referendum on reorganising the club’s ownership structure, suggesting reforms would help protect Real from future challenges while maintaining member control.
Under the club’s bylaws, any change to ownership or statutes would require an extraordinary meeting. Real have already turned to private equity partnerships to bolster long term revenue. In 2022, the club agreed a deal worth 360 million euros with Sixth Street, granting the firm rights to develop and operate new commercial ventures at the Santiago Bernabéu for 20 years.
Sunday’s gathering is expected to provide clarity on whether Pérez will press ahead with a proposal that could reshape Real Madrid’s governance for the first time in decades.
