Real Madrid are moving closer to a historic change in how the club is owned, with president Florentino Pérez preparing to present plans that would allow external investors to buy into the club for the first time.
Since its founding in 1902, Madrid has been fully owned by its socios, club members who elect the president and vote on major decisions. Only Barcelona, Athletic Club and Osasuna share this traditional model in Spain.
Despite being the only football club in the world to record annual revenues above €1 billion, Pérez has argued that the member-owned structure restricts Madrid’s ability to compete financially with state-backed and billionaire-funded rivals. He first suggested a possible referendum on ownership reform during last year’s general assembly, and new details are expected to be revealed at the next meeting, scheduled before the end of November.
One proposal under discussion would divide the club into two entities, separating its football operations from commercial activities. This would allow outside investors to buy stakes in the business arm while members retain control of the sporting side. Madrid officials have also examined versions of Germany’s “50+1” ownership rule, which ensures majority control remains with club members.
The changes would represent a significant shift for Madrid, whose leadership has long promoted financial independence. The club has previously partnered with investment firms such as Providence and Sixth Street to fund the €1.8 billion renovation of the Santiago Bernabéu Stadium but has never sold equity.
Pérez has stressed that any reform would protect the club’s identity and ensure that members remain its ultimate owners. The proposals, still being finalized, could mark one of the most consequential decisions in Real Madrid’s modern history.