Real Madrid’s November assembly could reshape club ownership under Florentino Perez

Florentino Perez is preparing to call Real Madrid’s general assembly of representatives for 21 November, with the club’s ownership structure expected to be among the most important issues under consideration.

The meeting could revive plans to change the model that has governed Real Madrid’s ownership, after Perez previously said he wanted to present structural amendments at an extraordinary assembly. That meeting was never held.

According to Spanish newspaper Sport, the club has not yet published the agenda for the November gathering. It would normally include approval of the previous year’s accounts, the budget for the forthcoming year and the board’s financial report. However, attention is focused on whether Perez will finally put forward his proposed changes.

The assembly will take place when Real Madrid return to the Santiago Bernabeu. Their next home match is against Celta Vigo on 21 November, exactly one month after their previous game at the stadium, against Leipzig on 21 October.

In between those fixtures, Real Madrid played at Camp Nou and won 2-1 last Sunday. They are due to visit Racing Santander on Sunday, 1 November 2026, before facing Athina on Wednesday, 4 November, and travelling to Mestalla to play Valencia on Saturday, 7 November.

The schedule also includes an international break involving two matches for national teams, as well as another American football match at the Santiago Bernabeu.

Proposed ownership changes

During the most recent election campaign, in which Enrique Riquelme received the support of 35% of Real Madrid members, Perez’s board opened the possibility of a vote on changing the ownership structure.

The proposal would involve transferring some of the club’s assets to a limited liability company controlled by Real Madrid. Perez has also indicated that a limited percentage of the company’s shares could be offered on the market, with two investment partners contributing €1bn in total – €500m each.

The identity of those potential investors has not been confirmed by Perez, who is also chairman of ACS. However, speculation has pointed to investment fund Sixth Street and businessman Bernard Arnault, whose company already works with Real Madrid through Louis Vuitton.

The club has so far declined to discuss the matter publicly or provide details to its members. Representatives do not yet know when the assembly will be formally announced or which subjects will be included on its agenda.

Many Real Madrid supporters have opposed what they describe as the possible “sale of the club”. They fear the proposed changes would allow outside investors to become partners, despite Perez’s previous assurances that they would not have decision-making power.

Those reassurances have not removed concerns among many supporters and members, who believe the plan could be the first step towards turning Real Madrid into a sports limited company, like most clubs in Spain’s top division.

Reichart appointment

The assembly may also examine Bernd Reichart’s arrival in the club’s administrative structure. The former chief executive of A22 Sports Management, the company promoting the European Super League project, will oversee product-related operations at Real Madrid.

Within the club, the appointment has been interpreted as a strategic move planned by Perez’s right-hand man, Anas Laghrari, in preparation for possible future legal and economic changes.

Other issues expected to feature include Real Madrid’s negotiations with UEFA, the club’s next steps in the Negreira case, its technology district project and plans to stage concerts at the Santiago Bernabeu from 2027.