Real Madrid Evaluate Allowing External Investors to Take Minority Stake, According to Reuters.

Roger Hampel

Image: Real Madrid

Real Madrid are evaluating a structural reform that would allow external investors to acquire a minority stake of approximately 5% through a newly created subsidiary, according to Reuters. Club president Florentino Pérez outlined the proposal during Real Madrid’s annual meeting, signalling the most significant governance discussion at the club in years.

The move would require an amendment to the club’s statutes and would be subject to a vote by Real Madrid’s delegate members at an upcoming extraordinary general assembly.Despite the potential structural evolution, Pérez reaffirmed that the club’s historic socio-ownership model would remain intact.

A Controlled Opening to Capital, While Preserving the Socio Model

As reported by Reuters, Pérez told members that the proposal aims to give Madrid access to additional capital without undermining the membership structure that has governed the club for over a century. The planned subsidiary would allow external investment while ensuring that socios retain full ownership and decision-making rights.

Pérez stated that accepting a symbolic minority investor — provided they respect the club’s values — would be a demonstration of Real Madrid’s financial and sporting strength. He emphasised that any external partner must “contribute to the growth of the club and help protect our assets from external attacks.”

The comments reflect a growing tension in the governance of member-owned clubs, where global competitiveness increasingly demands investment levels comparable to privately owned rivals.

Context: Pressure From Market Dynamics and Private Equity Expansion

According to Reuters, the proposal comes at a moment when private equity firms continue expanding into European football. Earlier this month, U.S. fund Apollo acquired a majority stake in Atlético Madrid — a deal emblematic of the sector’s rising interest in clubs with stable revenue streams and strong brand value.

Real Madrid have already engaged with private equity, including a 2022 agreement with Sixth Street worth €360 million in exchange for commercial development rights linked to the renovated Santiago Bernabéu.

However, unlike the Sixth Street deal — which focused on commercial exploitation opportunities — the newly proposed model would be the first to involve a direct minority ownership position within a Real Madrid corporate structure.

Financial Scale and Strategic Motivation Real Madrid

Real Madrid remain the most valuable football club globally, with a valuation of $6.75 billion, according to Forbes.Financially, the 2024/25 season delivered €1.19 billion in revenue and net profits increasing 56% to €24.3 million.

Yet Pérez has frequently highlighted the limitations of the socio-ownership model when competing with state-owned or billionaire-backed clubs such as PSG, Manchester City or Chelsea. The club has also been one of the driving forces behind the European Super League, framed internally as a mechanism to maintain competitiveness.

Opening up to controlled minority investment could provide additional strategic flexibility without ceding majority control — a model increasingly tested by clubs balancing heritage with global expansion.

Next Steps: Statutory Change and Extraordinary Assembly Vote

Any modification to Real Madrid’s ownership structure requires approval at an extraordinary assembly. The club’s bylaws demand a formal vote from its selected body of members, a process that could take place in the coming months.

While the proposal remains at an early stage, Pérez’s public remarks — captured extensively by Reuters — indicate that discussions have moved from conceptual to procedural.The president argued that the membership model must evolve “to protect us from threats we face,” while ensuring that socios continue to hold ultimate authority.

Real Madrid now face a pivotal governance decision: whether to retain the traditional model in its pure form or to adopt a hybrid structure that preserves member control while opening the door to external strategic capital.