Key Takeaways(TL;DR):
- Florentino Perez plans to sell a 5%–10% minority stake via a new commercial subsidiary while members keep control.
- About 100,000 members keep one share each and absolute voting power; investors are strategic allies, not owners.
- Move follows Bernabeu monetization that brought in €360 million, alongside a record €1.2 billion 2025/26 budget.
- Proposal will go to an extraordinary assembly vote in early 2026.
- Goal is to protect Real Madrid from state-backed rivals like PSG and Manchester City and secure long-term strength.
- Spanish football is shifting: Atletico sold a majority stake in November 2025; Madrid chooses a controlled, minority path.
Real Madrid has always done things its own way. Now, for the first time in 123 years, the club is opening a small door to outside money. President Florentino Perez says Madrid will allow external investors to buy a minority stake of 5% to a maximum of 10%. The key promise: members keep control. Investors help fund growth but never own the club.
It is a bold move in a fast-changing football market. It is also a careful one. Perez is trying to bring in fresh capital, protect the club’s future, and still keep Real Madrid’s soul — the socios — in charge.
Why Real Madrid Is Opening the Door Now
The game has changed. State-backed clubs like Paris Saint-Germain and Manchester City push spending to new heights. Wages and transfer fees keep rising. To compete at the top, clubs need more money and smarter structures. Perez has long praised Germany’s 50+1 model, where fans keep control, but Spanish law does not allow that exact system.
So Madrid will use what the law allows: a new commercial subsidiary. This lets the club bring in minority investors while keeping all key decisions with the members. As Perez put it, “We will continue to be a members’ club, but we must create a subsidiary… that could simply incorporate a minority stake, for example, 5% – never more than 10%.”
“If 5–10% buys allies but keeps socios in charge, that’s smart business.”
How the Minority Stake Would Work
Under the plan, Real Madrid will form a new commercial company inside the club’s structure. The minority investors will hold shares in this subsidiary, not in the core club itself. Members — about 100,000 of them — would receive one share each under the proposal and retain absolute control over the club’s decisions.
Perez was clear about the role of outside money: “Investors will be a strategic ally and never an owner.” He also stressed that any investor must respect the club’s values, bring resources, think long term, and help protect Madrid’s assets from outside risks.
- Maximum investment: between 5% and 10% of the club via the subsidiary.
- Purpose: preserve and increase Real Madrid’s value over time.
- Control: remains with members; investors gain no path to ownership.
This model is meant to keep Madrid’s DNA intact while adding partners who can boost growth in areas like global reach, partnerships, and new revenue streams.
Money, Stadium, and the €1.2 Billion Budget
This stake sale fits a wider financial strategy. Earlier, Madrid monetized part of the future profits from events at the revamped Santiago Bernabeu, securing €360 million. That move turned the stadium into a year-round business hub — football, concerts, and more.
At the same time, the club approved a record budget of over €1.2 billion for the 2025/26 season. That shows confidence and ambition. A fresh minority investment could give Madrid extra flexibility as it plans for the long term — with the stadium, the squad, the academy, and technology all key pillars. The message from Perez was simple: build strength now to stay on top later.
“Madrid are cashing in on the Bernabéu without selling their soul.”
Guarding Identity in the Age of State-Backed Clubs
Real Madrid is proud of being a members’ club, similar to Barcelona. That identity matters. Fans worry that selling stakes can open a slippery slope. Perez tried to address that head-on. “You can feel very proud of Real Madrid… we are the best club in the world in terms of sport, finance and institutional structure.” He added: “We want our historic structure to withstand the challenges of the future… we need our 100,000 members to actively be the guardians of our heritage.”
The language is clear. Madrid sees investors as “strategic allies.” They bring capital and ideas, but they do not run the club. This is not a takeover. It is a controlled partnership with hard limits.
What Will Be Voted On — And What to Watch
Perez’s plan will go to an extraordinary assembly in early 2026. Members will be asked to approve the new subsidiary and the minority stake window. The maximum cap is 10%. This vote will test how comfortable socios feel with the new model and its safeguards.
Key questions for members may include:
- Which rights, if any, come with the minority stake in the subsidiary?
- How are investor commitments kept “long term” and aligned?
- How are club values protected if investors change hands later?
The answers will shape the fine print. But the headline is already set: no loss of sporting control, no loss of member power.
“Is this Spain’s 50+1 workaround or a slippery slope?”
Spain’s New Financial Reality — And Madrid’s Choice
Spanish football is changing. In November 2025, Atletico Madrid sold a majority stake to a global investment company. That deal was a big signal that more private capital is coming into La Liga. Real Madrid is choosing a different path: a smaller, capped investment that keeps members in charge.
By doing this, Madrid is trying to balance modern finance with tradition. It is a signal to Europe, too. You can raise capital and still protect your identity. You can partner without giving up control.
The Bottom Line
Florentino Perez is betting that a minority sale — tightly controlled, values-first, and capped at 10% — can bring in new money without changing who Real Madrid is. The club has already tapped into future stadium income and set a record budget. This next step aims to keep Madrid strong against state-backed giants and secure the next decade of success.
The members will have the final say in early 2026. If they back the plan, Madrid will try to do what it has done so often on the pitch: stay ahead, set the pace, and win on its own terms.