Real Madrid election rules revealed after Florentino Pérez announcement: the $215 million hurdle

In an emergency press conference, Florentino Pérez announced that he will call presidential elections at Real Madrid.

“I regret to tell you that I will not resign. I have asked the electoral board to begin the process of calling elections for the board of directors, elections in which this current board will run,” he said.

Below is a detailed breakdown of the requirements a club member must meet in order to run for the Real Madrid presidency. Beyond the requirement of 20 years as a member, the main obstacle is the financial guarantee.

Madrid’s current budget is well over €1 billion ($1.47 billion), specifically €1.28 billion ($1.47 billion). Candidates must personally guarantee 15% of that figure. Fifteen percent amounts to €187 million ($215 million). In addition, once elections are officially called, candidates have only 10 days to submit their candidacies.

In other words: €187 million ($215 million). That is the amount the president and board members must guarantee in order to run in the Real Madrid elections. The requirement applies collectively to the entire board, not just the presidential candidate.

They must not only possess that wealth but also put it at risk because, according to the bylaws, the guarantee becomes effective immediately once the board is elected. Before the bylaw changes introduced several years ago, the guarantee could be formalized later.

Any bank would obviously be willing to guarantee Real Madrid itself. In this case, however, the guarantee is tied directly to the president and board members personally. The cost of securing a guarantee of that size, while variable, is estimated at around €2 million ($2.3 million).

Everything related to presidential elections is covered under Article 40 of the club’s bylaws, effectively the club’s constitution.

Requirements to be a candidate for President of Real Madrid

To run for president or become a member of the board of directors, candidates must:

Be Spanish citizens.

Be legal adults with full legal capacity.

Be up to date with all club obligations.

Have uninterrupted membership history of at least:

- 20 years for president

- 15 years for vice president

. 10 years for all other board positions

Not be subject to sanctions preventing them from holding executive office.

Not hold executive roles at other soccer clubs, nor be active players, referees, coaches, or technical staff at the time they are officially declared candidates.

Provide a bank guarantee under the terms established by Spanish Law 10/1990 and other applicable regulations, in accordance with the requirements set out in sections 3 and 4 of subsection C.

More important still are the requirements imposed on the candidacies themselves, which were tightened several years ago through changes to the club’s bylaws.

Requirements for candidacies

Within the established deadline, candidacies must be submitted to the club and electoral board, in duplicate, and must meet the following requirements:

Include at minimum the presidential candidate and at least nine board members.

Be signed by all candidates with notarized signatures and formal acceptance of the candidacy.

Include a preliminary bank guarantee issued by a registered financial institution, guaranteeing at least 15% of the club’s total expenditure budget. The document must state that the guarantee will automatically become definitive if the candidacy wins the election and once the elected president officially takes office.

The financial institution issuing the guarantee must explicitly state that it was granted solely based on the personal assets of the candidates and backed exclusively by those personal assets.

According to the bylaws, the current president and board retain full powers until a new board is elected.

The timelines are also regulated by the bylaws:

“Within two days following the event requiring presidential and board elections, the electoral board shall begin the electoral process by opening a 10-calendar-day period from the date of publication for candidacies to be submitted. Said agreement must be posted on the official notice board at the club headquarters and published in at least two Madrid newspapers.”

Candidacies are reviewed by the electoral board the day after they are submitted, representing another significant hurdle.

“The electoral board may request any additional information necessary to ensure that under no circumstances has the guarantee been granted against assets belonging to individuals outside the candidacy,” the bylaws state.

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