Pérez is planning the delegates’ assembly for 21 November, where he will ask the compromisarios to back a new commercial subsidiary that would house the club’s stadium and media rights and open the door, in principle, to outside capital for the first time in Real Madrid’s history.

The headline figure is a billion euros. The US investment fund Sixth Street and LVMH chief Bernard Arnault are each reported to be in position to inject €500m for roughly 5% of the new company between them, with no governance rights and no immediate access to dividends.

Pérez first unveiled the plan at the ordinary general assembly in November 2025. He was re-elected president on 11 June 2026 with 65% in the first contested vote at the Bernabéu in two decades, and his mandate now runs to 2030. The ownership proposal has been drafted and reworked ever since.

A €1bn plan for a 5% minority

The structure put to members keeps control at the top. The 98,272 socios would still own the parent entity; the subsidiary would be the only vehicle open to outside shareholders, capped on current reporting at around 5% and no higher than 10%.

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Sixth Street already has history at the Bernabéu. The San Francisco fund paid about €360m in 2022 for a share of commercial revenue from new businesses at the stadium over 20 years. Arnault’s arrival would be the louder statement: Louis Vuitton is a club sponsor, and his family acquired a majority stake in Paris FC in 2024.

Members keep the vote, not the dividend

Pérez’s pitch to socios is that the club finally gets to put a number on itself and arm the balance sheet against PSG and the Premier League, without diluting the one-member-one-vote principle. Each socio holds a single, non-transferable share, passable only to a child or grandchild. Outside investors would take a share of income but no vote. The club would retain a buyback option over their stake.

“We will continue to be a members’ club,” Pérez told the November 2025 ordinary assembly according to Al Jazeera, adding that a subsidiary would be created in which the socios would always retain absolute control. He has framed the move, in comments reported by Sports Illustrated, as a defence against “external attacks” on the club’s model.

Not every socio is convinced that a club already ranked by Deloitte as the highest-revenue in the world needs the money. Al Jazeera found opposition at the gates of the Bernabéu when the plan was first floated.

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“I don’t understand why we need more money when we are already the richest club in the world?” one former supporter group official told the same outlet.

The fear expressed by critics inside the member base is simple: a 5% window today, a listed company tomorrow, and the Spanish exception, in which Real Madrid, Barcelona, Athletic Club and Osasuna still belong to their members, quietly closed.

Reichart arrives from the Super League project

The timing of the vote sits alongside another hire that will not go unnoticed. Bernd Reichart, the German executive who ran A22 Sports Management and was the public face of the European Super League project, was reported in mid-October 2026 to be joining Real Madrid as head of business, with the stadium, sponsorship and merchandising under his brief. He reports to chief executive José Ángel Sánchez.

Real Madrid and UEFA settled their long-running Super League legal dispute in February 2026, and Reichart’s arrival in Chamartín reads as a bet that the commercial expertise behind the breakaway attempt can now be plugged into the Bernabéu’s existing operation, concerts included, with the first scheduled from 2027.

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The 21 November assembly will not be the last word. Any statutory change at Real Madrid still has to go through a full referendum of all 98,272 members before the subsidiary can be set up and either investor can sign.

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