Real Madrid president Florentino Pérez plans to hold the general assembly of delegates on 21 November, with the question of changing the club's ownership structure set to dominate proceedings. Several other key matters will feature too, most notably the addition of Bernd Reichart to the club's administrative structure.
According to the Spanish newspaper "Sport", the meeting carries huge weight, given the chance it offers to settle the future of Real Madrid's ownership. Pérez had already announced his intention to put forward structural amendments to the club's ownership model, yet never held the extraordinary assembly he promised.
Real Madrid will not return to the Santiago Bernabéu until 21 November, when they host Celta Vigo. That date marks a full month since the team's last match on their own ground, against Leipzig on 21 October.
During this spell, Real Madrid played a match at the Camp Nou, securing a 2-1 win last Sunday. They then face Racing Santander in Santander on Sunday, Athens on Wednesday 4 November, and Valencia at Mestalla on Saturday 7 November.
The period also takes in an international break featuring two national team matches, plus another American football league fixture staged at the Santiago Bernabéu.
Changing the club's ownership model
Amid these fixtures, specifically on 21 November, Real Madrid will hold their general assembly of delegates, barring any change to Florentino Pérez's plans. This one carries exceptional importance. All the signs point to the resolution of the biggest issue hanging over the club's present and future: changing its ownership model.
The club have yet to reveal the agenda. These meetings usually cover the approval of the previous year's financial accounts, next year's budget, and the board's economic report. This time, though, attention turns once again to the structural amendments Pérez announced two seasons ago, promising to discuss them at an extraordinary general assembly that never took place.
A few months ago, during the latest election campaign in which Enrique Riquelme won the support of 35% of Real Madrid's members, Pérez's board opened the door to a vote on amending the ownership model, transferring some assets to a limited liability company under the club's control.
Pérez himself had floated the idea of putting a limited percentage of the company's shares on the market. Two investment partners would come in, injecting one billion euros between them at 500 million euros each.
The ACS chairman did not confirm the identity of the potential investors, but the names in the frame are the investment fund "Sixth Street" and the businessman Bernard Arnault, with whom the club already work through Louis Vuitton.
For now, the club prefer to stay silent on the matter, both with the media and with their members. The delegates still do not know the date of the general assembly or the topics it will cover.
Real Madrid's fans have made clear their opposition to the idea of "selling the club" through these structural changes, which would open the door for investors to come in as partners. Pérez insists they would hold no decision-making power.
Those reassurances have not dispelled the fears of a wide section of the fanbase and membership. Many believe this step marks the start of turning Real Madrid into a sporting public limited company, like the majority of Spanish first division clubs.
Reichart's addition raises questions
Then there is the arrival of Bernd Reichart into the club's administrative structure. The former chief executive of "A22 Sports Management", the company driving the European Super League project, will oversee product-related operations at Real Madrid.
Inside Real Madrid circles, the move reads as a strategic play by Anas Laghrari, Pérez's right-hand man, preparing for the future and for the anticipated changes to the club's legal and economic structure.
The general assembly is also expected to address Real Madrid's position on negotiations with UEFA and the next steps the club intend to take over the Negreira case. The technology zone project and the plan to stage music concerts at the Santiago Bernabéu from 2027 are on the table too.