Real Madrid Explore Restructuring Ownership Amid Search for External Investment

Key Takeaways:

• Real Madrid have been examining significant changes to their 123-year-old, member-owned model
• Florentino Perez previously commissioned Clifford Chance to explore the conversion of memberships to shares in Real Madrid Foundation, but legal concerns proved prohibitive
• The club have discussed splitting into separate football and business entities as well as the Bundesliga-style ‘50 + 1 share model’, though both present notable challenges

Club Model Evolution Under Consideration

Real Madrid are currently evaluating the possibility of overhauling their traditional ownership structure, a system that has been in place since the club’s inception 123 years ago. President Florentino Perez, who is 78 years old, has indicated his interest in evolving the club’s governance model before bringing his tenure to a close.

Perez initially announced at last year’s General Assembly that the club would explore alternative ownership strategies, including potential avenues for foreign investment. In pursuit of this, the club requested a detailed analysis from investment firm Clifford Chance earlier this year. The commissioned report examined the feasibility of converting existing memberships into shares within the Real Madrid Foundation, effectively making the Foundation the majority owner. However, Clifford Chance cautioned against this strategy due to various legal complications associated with such a conversion.

🚨 JUST IN: Real Madrid are driving towards the Bayern Munich ownership model. With this, Real Madrid could end up ceding 49% of the club's shares to companies or to an investment fund. More than 50% would always remain in the hands of the socios.

— @Ramon_AlvarezMM pic.twitter.com/r8Isl5o5Ma

— Madrid Universal (@MadridUniversal) October 7, 2025

Steps Towards Change and Alternative Structures

Real Madrid remain entirely owned by their members, with the club presidency – currently held by Perez – decided through elections. Тhe club is intensifying efforts to revise their ownership structure, and Perez is expected to reveal further details at this year’s yet-to-be-scheduled General Assembly.

One structural option under discussion involves separating the club into two distinct entities: one dedicated to football activities and another responsible for business operations. This split would allow investors to purchase shares in the business arm while enabling fans to retain primary control of the football side. An alternative being considered is the ’50 + 1 share model’ used in Germany’s Bundesliga, which mandates that fans remain majority shareholders. Nevertheless, both alternatives are burdened by complex financial and legal considerations that complicate their implementation.

Leadership, Power Dynamics, and Membership Influence

While the Bundesliga-style model ensures members stay in control, it poses a drawback for potential investors, since it limits their influence over key club decisions, thereby making such an investment less alluring. Perez has stressed that major governance decisions, such as managerial appointments and dismissals, should remain within the purview of the board, and he has previously expressed opposition to foreign businesspeople acquiring decisive influence over the club. The underlying principle is for member voices to remain influential in the club’s future direction.

Although Perez appears intent on increasing external funding, he faces the challenging balancing act of doing so without relinquishing significant power or sharing profits. Any proposed adjustments to the club’s ownership are expected to require the approval of Real Madrid’s membership, meaning Perez must effectively articulate the value of outside investment before any transition can occur.