MADRID - Real Madrid is on the cusp of its first contested presidential election in over two decades. Renewables magnate Enrique Riquelme formally submitted his candidacy Saturday, challenging Florentino Perez's long-standing control of the world’s richest soccer club.
"This is a historic moment," Riquelme stated. "For the first time in 20 years, the fans will choose their next president."
Riquelme, 59, founded Cox Energy in 2014, building a solar power empire across Europe and Latin America. His most notable deal was the $4.2 billion acquisition of Iberdrola's Mexican assets in 2025. To meet Real Madrid's stringent candidacy rules, he secured a bank guarantee of €187.2 million via Andbank - 15% of the club’s record €1.248 billion budget for the 2025-26 season.
The election is expected on June 7. Perez called the vote in May after a second consecutive trophyless season for the 15-time European champions, also marked by internal player conflicts and the dismissal of manager Xabi Alonso. In a move signaling he intends to fight, Perez plastered a giant banner in central Madrid displaying the seven Champions League titles won under his tenure with the slogan: "So much history yet to be made."