u/Xehanz

Rough Translation of the article:

An emergency press conference was called in which Florentino Pérez announced that he will call elections for the presidency of Real Madrid.

\> “I regret to tell you that I am not going to resign. I have asked the electoral board to begin the process to start the elections for the board of directors, in which this current board will stand again,” he said.

Below is a detailed analysis of the requirements needed for a club member to run for the presidency of Real Madrid. Beyond the requirement of 20 years of club membership, the main obstacle is the financial guarantee.

Real Madrid’s current budget exceeds one billion euros — specifically €1.28 billion. Candidates must guarantee 15% of that budget, which amounts to approximately €187 million.

In addition, once elections are officially called, candidates only have ten days to submit their candidacies.

That €187 million must be guaranteed by the president and the board of directors collectively, not just by the presidential candidate alone. According to the club statutes, the guarantee becomes effective immediately once the board is elected. Before a previous change in the statutes, the guarantee could be formalized later.

Banks are generally willing to back Real Madrid financially, but in this case the guarantee must be based directly on the personal wealth of the president and board members. The cost of obtaining such a guarantee reportedly sits around €2 million, although it can vary.

Everything related to presidential elections is regulated under Article 40 of the club’s statutes.

B) Requirements to be a candidate

To run for president or for a place on the board of directors, a person must:

1. Be Spanish.

2. Be legally an adult and fully capable under the law.

3. Be up to date with all club obligations.

4. Have uninterrupted club membership for:

at least 20 years for president,

15 years for vice president,

10 years for other board positions.

5. Not be under any sanction preventing them from holding executive positions.

6. Not hold executive positions in other football clubs, nor be active as a player, referee, coach, or technician at the time they are officially proclaimed as a candidate.

7. Provide a bank guarantee under the terms established by Spanish law and the club statutes.

C) Requirements for candidacies

Candidate lists must also satisfy stricter conditions introduced after a reform of the statutes:

1. They must include at least the presidential candidate and a minimum of nine board members.

2. All candidates must formally sign and accept the candidacy.

3. They must include a pre-approved bank guarantee from a registered financial institution covering at least 15% of the club’s expenditure budget.

4)The bank must certify that the guarantee is based solely on the personal wealth of the candidates themselves.

According to the statutes, the current president and board retain full powers until a new board is elected.

The statutes also specify that within two days of the event triggering elections, the electoral board must open a ten-day period for candidacies to be submitted. The announcement must be posted at the club headquarters and published in at least two newspapers in Madrid.

The candidacies are reviewed by the electoral board the day after they are submitted. It's a tough hurdle that must be cleared. "The electoral board may request any additional information necessary to ensure that, under no circumstances, has the guarantee been granted based on assets belonging to individuals other than the candidates," the statutes state