Real Madrid Considers Ownership Restructure to Allow First-Ever Stake Sales

Real Madrid could open the door to external investment for the first time in the club’s history as part of plans to restructure its ownership, reports The Athletic.

The LaLiga leaders are one of four Spanish top-flight clubs owned by members, or socios, alongside FC Barcelona, Athletic Bilbao, and Osasuna. President Florentino Perez said in November last year he was considering a vote on changing the club’s ownership structure.

The Athletic reports Perez is set to present further details at the team’s general assembly, potentially allowing investors to buy shares in the club for the first time since its founding in 1902. Real Madrid has reportedly worked with Key Capital Partners and Clifford Chance on proposals to attract investment while retaining member control.

One idea under discussion would split Real Madrid into two entities: one managing sporting matters and the other overseeing business operations, including TV rights and stadium revenue. Socios would retain ownership, while investors could acquire stakes in the business operations. Another option reportedly being considered is the Bundesliga-style 50+1 model, which ensures members keep a controlling stake.

Any changes would require approval by the club’s members. No date has been set for the general assembly, though it is expected before the end of this month. The Athletic notes the potential changes would be legally and fiscally complex.

The report follows Real Madrid’s announcement that revenue for the 2024/25 campaign reached €1.185 billion, up ten per cent from the previous season. Perez has sought new revenue streams to remain competitive with European elites, particularly Premier League clubs benefiting from more lucrative broadcast deals.

Real Madrid resisted joining LaLiga’s €2 billion deal with CVC Capital Partners, which acquired 8.25 per cent of the league’s commercial revenues for 50 years. Perez, a former architect of the failed European Super League, has also overseen renovations at the Santiago Bernabeu to increase stadium-generated income.