News Focus
- Enrique Riquelme struggles to obtain the €187 million bank guarantee required to stand against Florentino Perez in Real Madrid’s first presidential election for 20 years.
- Major Spanish financial institutions including BBVA and Santander have reportedly rejected Riquelme’s applications without explanation.
- Spanish media allege that Perez, who heads a major construction firm with close banking ties, has influenced lenders to refuse support for his opponent.
- Riquelme must submit valid financial documentation by Saturday evening or face automatic disqualification from the electoral process.
Real Madrid is preparing for its first presidential election in two decades, but the contest risks becoming a one-horse race. Businessman Enrique Riquelme, who hopes to challenge long-serving president Florentino Perez, has encountered severe difficulties securing the financial backing necessary to validate his candidacy.
Perez initiated the electoral process last week through a surprise announcement, establishing Saturday as the deadline for rival candidates to register. To qualify, contenders must meet strict criteria: they need 20 years of club membership, Spanish nationality, and a bank guarantee covering 15 per cent of the annual budget. This amounts to approximately €187 million and must come from a Spanish-regulated financial institution.
Despite possessing considerable personal assets, Riquelme has faced repeated rejections from the country’s banking sector. According to El Pais, both BBVA and Santander have refused to provide the required guarantee without offering reasons for their decisions. The Bank of Spain has also turned down his request.
These setbacks have forced Riquelme to seek alternatives abroad. He is currently negotiating with Canadian banking group Scotiabank and Andorran entity Andbank. The latter maintains headquarters in Spain, which satisfies the electoral regulations regarding domestic financial oversight.
The situation has sparked controversy following claims by investigative outlet Vozpopuli. They allege that Perez, who chairs Spain’s largest construction company ACS, has used his commercial influence to pressure banks into refusing Riquelme’s application. ACS maintains extensive business relationships with both BBVA and Santander, fuelling speculation about external interference in the democratic process.
Riquelme now has until Saturday night to present his guarantee to the electoral board. Officials will review his submission on Sunday and either approve his candidacy or remove him from the ballot. If he succeeds in securing the funds, members will vote within the following two weeks. Failure to meet the deadline would hand Perez another term uncontested.