Real Madrid set for historic and controversial change to ownership model

Suraj Radia

• 16 Oct 2025 10:50 CDT
• 3 min read

Analysis

Real Madrid are preparing for a landmark change in their ownership structure that would see the Spanish side allow external investors to purchase stakes in the club for the first time in their history.

The La Liga giants have been owned by their club members, or ‘socios’, since the club’s inception in 1902 and any changes to the structure would require a vote of their approval.

Despite being the only team in world football to boast revenues of more than €1 billion, Real president Florentino Perez has claimed the ownership model has held the club back from financially competing with European rivals who are backed by billionaires or sovereign wealth funds.

Perez mentioned the possibility of holding a ‘referendum’ about changes to Real’s ownership at the club’s annual general assembly last year which would allow for investment from outside partners while still retaining control for members.

And, according to The Athletic, Perez is now set to present plans to move towards these changes at this year’s assembly, which is expected to be held before the end of November.

The details are still being finalised, with the situation said to be very complex due to tax and legal reasons, but there is said to be a ‘growing anticipation’ around the club that a historic change could be imminent in Madrid.

How could Real Madrid’s ownership structure change?

Madrid are one of just four Spanish teams, along with Barcelona, Athletic Club and Osasuna, who were given special dispensation to remain member-owned, after the country’s government mandated in the 1990s that all professional teams must become private entities.

However, a change has already been discussed internally that could see Los Blancos being effectively split into two different entities, separating the football and the business side to allow socios to retain ownership, while external investors could purchase shares in the commercial operation.

The ‘50+1’ model which has been a staple in German football has also been discussed by the club, which would ensure that socios retain the majority ownership of any shares allocated.

Speaking at last year’s annual assembly, Perez insisted Real would always belong to the club’s socios, saying: “I confirm to you that we will bring to this assembly a proposal for the club’s corporate reorganisation that clearly secures our future, protects us from the threats we face, and, above all, guarantees that we, the members, are true owners of our club, real and full owners of our economic assets.

“And, of course, introducing the necessary elements so that effective control of the club always remains in the hands of its members. It will be all of us members who, in a referendum, will decide our destiny together.”

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