On Sunday, Real Madrid president Florentino Perez addressed club members, known as ‘socios’, at their general assembly.
The 77-year-old attacked La Liga, UEFA and FIFA, and the decision to award the Ballon d’Or to Manchester City’s Rodri rather than Madrid’s Vinicius Junior. He once again sang the praises of a proposed European Super League and the €1.76billion (£1.5bn; $1.8bn) rebuild of the club’s Santiago Bernabeu stadium, despite the venue currently being unable to host concerts due to noise complaints from neighbours.
The general assembly is the only time Perez addresses socios in person. Madrid are owned by almost 100,000 members, of which 1,639 are representatives and approve items on the agenda. In practice, however, everything gets passed in Perez’s favour.
Perez’s speech and the accompanying question and answer session lasted 85 minutes. Here, we analyse what he said and what it all means for Madrid.
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Super League ambitions: ‘Nothing will be the same again’
“The Super League’s proposal to offer free football through Unify is doing what Netflix did in the world of cinema or what Spotify did with music. I am more optimistic than ever about the Super League. After the ECJ (Court of European Justice) ruling last December, I can assure you that nothing will ever be the same again.
“(The ruling) put a resounding end to decades of UEFA’s monopoly. We never said it would be easy, it has been a titanic task, there have been many pressures and threats that could have brought anyone down, but not us. But we have not fought this battle to celebrate a judgement, we now have a unique opportunity to put in place a new model. And the sooner we do it, the better.
“The current system does not work. A22, the promoter of the Super League, is in contact with all football families, trying to find a balance that satisfies everyone, including UEFA and FIFA. It will be 100 per cent meritocratic and in full respect of the ECJ ruling. The ruling has given us back our freedom. This is a historic moment.”
Last December, the ECJ ruled that UEFA, European football’s governing body, and FIFA, its global equivalent, were “abusing a dominant position” regarding rules blocking a new Super League and were in breach of competition law.
Perez welcomed this decision — Madrid continued to back the Super League project even after its aborted launch in 2021. There is yet to be any announcement about when any competition might begin, but reports in Spain have suggested next September as a potential start date.
Unify is the proposed streaming platform through which those pushing the Super League idea say it will show games free of charge, or for a small fee without advertisements. Last December, it revealed new plans for the project, involving 64 men’s teams organised into three divisions with no permanent members.
La Liga has always maintained the ECJ ruling was not a defeat and insisted the Super League project is doomed to fail.
Fans in England protest the proposed Super League after its attempted launch in 2021 (Rob Pinney/Getty Images)
Perez and La Liga president Javier Tebas have long disagreed since the latter took charge of the Spanish top flight in 2013, with a mandate to centralise its TV broadcast revenues — meaning more money for the smaller clubs and less for Madrid. It continued with the announcement of a €2.7billion deal with private equity firm CVC Capital Partners in 2021, which Madrid, Barcelona and Bilbao’s Athletic Club have always opposed. Madrid argued the agreement was made without their involvement and that it took away 10.95 per cent of their audiovisual rights for 50 years.
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That explained this part of Perez’s speech…
“We are concerned about La Liga’s attacks on our financial assets. Our money is under severe attack. They want to take ownership of the rights, which belong to the clubs. With CVC, they wanted to expropriate 11 per cent of the profits for half a century (referring to the 10 per cent share of La Liga’s TV revenues that the competition agreed to give CVC for 50 years when the deal was announced). Fifty years! Behind our backs.”
Perez went on to make one of his most newsworthy statements of the morning, announcing there would be a referendum when club members would vote on a new organisational model for Madrid in which they would become shareholders — more on that later.
He has said this would be to protect the club’s assets from actions such as La Liga’s CVC deal. Tebas responded to the speech with several posts on X, pointing out “lies” from Perez. He said, “There was no ‘expropriation’ of Real Madrid” and that, “What you were trying to do was to expropriate what, by final judgement, already belonged to La Liga and to all the clubs”. Tebas called it a “poor argument as an excuse to change the ownership model”.
Ballon d’Or boycott after Vinicius Jr snub
One of the most anticipated parts of Perez’s speech was regarding Madrid’s decision to effectively boycott the Ballon d’Or ceremony last month, when City and Spain midfielder Rodri won the award, with Vinicius Jr coming second in the voting.
“It was an event that for the first time in history was organised by UEFA, with France Football and L’Equipe. I want to make it very clear that Rodri is a great footballer (applause in the room) and besides being from Madrid, he has all our affection.
“Rodri deserved a Ballon d’Or, but not this year, but last year, with the treble and the goal in the Champions League final. This one was for a Madrid player, whether it was Vinicius with the worldwide clamour there was, and even according to the readers in a L’Equipe poll, with 41.3 per cent of the votes, that showed what it had to show. Or to our captain, Dani Carvajal. Or even to Jude Bellingham. It’s very difficult to explain why someone from Real Madrid didn’t win it.”
This was the expected public reaction from Madrid after what happened in October. Privately, the club had blamed UEFA for what they perceived as a snub to Vinicius Jr after a season in which he helped Madrid win a La Liga-Champions League double with 24 goals and 11 assists. Europe’s football governing body helped organise the award this year.
Madrid’s Carlo Ancelotti won the best coach award in the event’s voting, Madrid were named best club of the season and Vinicius Jr, Bellingham and Carvajal finished second, third and fourth in the final Ballon d’Or standings. But Madrid made no mention of any of those awards on their website, social media or in-house TV channel.
It was intriguing to hear Perez express his affection for Rodri after reports linking the midfielder with Madrid — and Rodri himself saying in an interview with Spanish radio station Cadena Ser, “When Real Madrid calls you, it’s an honour and you always have to pay attention.” But the club president also summed up a lot of Madrid fans’ feelings when he said he could not understand why the City midfielder had won the prize ahead of Vinicius Jr and other Bernabeu stars after their fine season.
Many Madrid fans felt Vinicius Jr deserved the Ballon d’Or (Ibrahim Ezzat/Anadolu via Getty Images)
“It’s surprising that in the UEFA statement, they said they would have no impact on the voting system… they have altered the number of players to vote for (from five to 10), also the number of votes a journalist can give to a player (from six to 15).
“And it’s surprising that with football being so global, journalists from countries with as many people as India don’t vote… and from countries with less than a million, they do. And no one knows them! Without Namibia, Uganda, Albania and Finland, Vinicius would have won. On top of that, these countries didn’t give Vinicius any votes (laughs). None! (laughs again) The Finn has at least resigned, acknowledging his voting mistake. I thank him for that, at least.
“The Ballon d’Or has to be organised independently and the votes have to be in the hands of people of prestige — national coaches, for example; someone who knows that with their vote their prestige is at stake. That’s why Madrid felt we should not go to the gala.”
The Finn Perez appeared to be referring to was Finnish journalist Juha Kanerva. A message on his X account this month read, “My technical error. I will resign from the Ballon d’Or jury,” after a Madrid fan account cited a report saying he was one of three journalists who had left Vinicius Jr out of their top 10 for the award.
My technical error. I will resign from the Ballon d’Or jury.
— Juha Kanerva (@KanervaJP) November 9, 2024
The Ballon d’Or was voted for by 100 journalists, one from each of FIFA’s 100 top-ranked member nations. Each journalist picked their top 10 from the 30-player shortlist, with a descending amount of points on offer for each pick. Vincent Garcia, editor-in-chief of France Football, the magazine that organises the award, said last month, “Vinicius surely suffered from the presence of Bellingham and Carvajal in the top five because, mathematically, that took some points away from him”.
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UEFA declined to comment when contacted by The Athletic and referred to a statement from 2023, in which it announced its partnership with the editorial group Amaury to co-organise the Ballon d’Or.
“As part of the agreement, Groupe Amaury remains the owner of the Ballon d’Or brand and will continue to oversee the voting system, which will remain unchanged and independent,” it read. “UEFA will provide football expertise, market the global commercial rights and organise the annual awards gala.” The Amaury Group was contacted for comment.
Despite reports in Spain that Vinicius Jr would win the Ballon d’Or, at no time did Madrid or the Brazilian’s entourage tell The Athletic they knew in advance who would be getting the award. That was what France Football also said, emphasising that the winner would only be known on the day of the ceremony.
UEFA and FIFA ‘putting players at risk’
“The calendar is linked to an alarming increase in injuries. UEFA and FIFA have added 14 matches of their own, equivalent to two and a half months of competition. In total, we have had 14 injured players and 22 injuries. We already have nine cruciate injuries (in La Liga).
“At Madrid, we have suffered seven cruciate injuries in the last 12 months. They are mainly caused by fatigue, according to the doctors consulted. This year, the calendar has been busier than ever. It is striking that a player like Jude Bellingham has played 251 games at 21 years old. To make a comparison at his age, David Beckham had played 54 games.
“Lack of rest affects players’ careers and the quality of the spectacle. FIFA has created a Club World Cup that will deprive players of their usual rest. UEFA organised 488 official matches 10 years ago and that has now moved to 769, 57 per cent more, with just one goal: to make more money. This is without taking into account the main protagonists of the sport. The managers of UEFA and FIFA have forgotten that sport must be sustainable by putting the health of the players at risk and disrespecting the fans.”
Perez used Bellingham’s example to argue players were being put under too many demands (Diego Souto/Getty Images)
Just like they did a year ago, Madrid have begun their season with an injury crisis. In 2023-24, goalkeeper Thibaut Courtois and defenders Eder Militao and David Alaba suffered anterior cruciate ligament (ACL) knee injuries; this time, Militao (again), right-back Carvajal and youth-team prospect Joan Martinez have been struck down by the same complaint.
The Athletic found Madrid have suffered 25 injuries, leading to internal tensions behind the scenes. The club can now add Vinicius Jr’s hamstring problem to that list and some in the dressing room have questioned the processes being followed for the prevention of injuries and players’ recovery.
Perez attacked UEFA and FIFA for the extra demands being placed on players. UEFA’s new-look ‘league phase’ for the Champions League means each team, up from 32 to 36, play at least two more games in the opening round, while FIFA’s revamped Club World Cup, now with 32 teams rather than the previous seven, which Madrid will play in, will take place in the United States next summer.
The Madrid president has said repeatedly he believes fewer but better matches should be played between football’s European giants. He suggested that would put players in a better position to perform at their highest level.
Madrid could play 82 matches this season if they go all the way in the seven competitions they’re in. However, as The Athletic reported when Rodri suffered season-ending ACL damage in September, there is no evidence to suggest playing a high number of matches increases the chances of someone getting that particular injury.
FIFA hopes its newly formed task force, led by former Arsenal manager Arsene Wenger, will make science-based recommendations to help safeguard players’ physical and mental wellbeing. UEFA declined to comment when contacted by The Athletic.
Bernabeu headache — and an ‘infinite’ stadium?
“It is inconceivable that we have to read in some toxic digital media that the Bernabeu does not even have a licence to hold football matches. The organisation of concerts is not a particularly lucrative activity for the club. We limit ourselves to renting the stadium, and I want you to know that the income from this would be around one per cent of our annual budget.
“That is why we put our stadium at the disposal of the people of Madrid. And it will be the authorities of our city and of our community who will decide at any given moment if they want Madrid to continue to be one of the world’s main venues, a reference point for the great tours of the international music scene.”
The Bernabeu rebuild has been one of Perez’s key objectives during his second spell as club president. Including interest on loans, the cost of the project stands at €1.7billion.
The work is close to completion, and concerts and non-football events were supposed to bring in more revenue, but it has not all been plain sailing. Madrid were forced to suspend all future concerts in September after a neighbourhood association complained about noise levels during those performances.
Taylor Swift played the Bernabeu in May this year (Xavi Torrent/TAS24/Getty Images for TAS Rights Management)
The neighbourhood association claims it has not received any documentation proving Madrid’s licence to operate such events at the stadium. Both sides have conflicting views on the issue of licences and a judge will ultimately decide who is in the right. Madrid have denied responsibility and blamed the concert promoters, while reiterating that they will soundproof the stadium.
It is unclear what the cost of that, and the absence of concert revenues in the interim, will be. Perez claimed, “Nobody makes money from concerts. The one who sings, who also sings very well, makes money.” But the club were previously enthusiastic about those concerts, and several images of Taylor Swift performing at the Bernabeu in May were projected onto a screen behind Perez as he spoke.
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Perez also talked about the building of an underground car park at the stadium, which has been halted by a judge after residents complained about “environmental damage”.
Reports in the Spanish media in recent days have also highlighted issues with the Bernabeu Skybar, a VIP area at the top of the stadium that was to be an important source of income. “This means even less than the concerts,” Perez said. “The real income comes from sports activities.”
Perez said he was concerned even the fully revamped Bernabeu could not fit in as many fans as he would like — and suggested a novel solution involving virtual reality.
“I’m thinking about doing it with Apple, as if it (the stadium) were infinite,” he said. “What happens is that some people watch it at home, which is better than in the stadium. I’ve seen the Apple ones where they make it infinite and (each fan) would have a seat, a season ticket. That’s what I’m working on, but if the Bernabeu stadium is what it is, there will be a time when there will be 300,000 members and that’s worrying.”
Madrid have an agreement with the technology company HP and senior club sources, kept anonymous to protect relationships, consulted by The Athletic said they did not know anything about negotiations with Apple.
Will Madrid continue to be fan-owned?
“Our club must have an organisational structure that protects us as an institution and also protects all of us as owners of Real Madrid. We will do whatever is necessary to ensure that this club continues to belong to its members as it has done throughout our 122 years of history.
“We will bring to this assembly a proposal for the club’s corporate reorganisation that will clearly secure our future, protect us from the threats we are facing and, above all, ensure that we members are the real owners of our club, the real owners of our financial assets in our own right.”
Madrid are a non-profit sports entity owned by their members. Only Athletic, Osasuna and Barcelona have the same model in the Spanish top flight — a departure would be radical.
Figures who are advising Madrid in the process believe continuing with this model might bring legal problems for the club if they wish to act as a more conventional business. Madrid have been studying the issue with their financial and legal advisors for more than a year. The board would reject talk of a ‘German model‘, where members own at least 50 per cent plus one share of voting rights.
Perez insisted members will continue to own the club, but it remains to be seen whether Madrid will seek outside minority investors to take a stake or inject capital. What happens next will be intriguing.
(Top photo: Perez at the UEFA Super Cup this year; Jakub Porzycki/Anadolu via Getty Images)
