Real Madrid are the best-run club in world football. They are consistent winners, with six Champions League titles in the last 11 seasons. The Bernabeu trophy cabinet also boasts 36 La Liga titles and countless other prestigious titles.
Los Blancos have defined top-flight performance for decades and have maintained that success in the challenging era of the 21st century, an era of super-rich investors and state-sponsored super clubs.
Under the astute management of President Florentino Perez and General Manager Jose Angel Sanchez, Real have built a team with a mix of rising stars: Vinicius Junior, Jude Bellingham, Kylian Mbappe, Federico Valverde, Eduardo Camavinga... They have done so while continuing to make a profit, even when income was hit hardest by the COVID-19 pandemic.
Over the past five years, they have been able to build a state-of-the-art €1 billion stadium in the heart of the Spanish capital without compromising on their success on the pitch. The 'White Vultures' have minimised disruption to fans by keeping the same construction site. This contrasts with Barcelona, who temporarily moved from Camp Nou to Montjuic while incurring long-term debt.
This season, however, Real Madrid’s reputation for near-perfect management has taken a hit. On the pitch, the team has struggled badly. They are six points behind La Liga leaders Barcelona and 18th out of 36 teams in the Champions League. The integration of long-awaited star Mbappe has not been smooth, with criticism of his modest goalscoring ability and the ripple effect on the team.
The squad building has come under scrutiny, with the injury crisis leaving them short in defence and midfield. And speaking of construction, the new Bernabeu’s status as an entertainment hub has also come under question, with noise concerns forcing the club to postpone concerts at the venue until mid-2025.
On the international front, Real Madrid’s decision to boycott the 2024 Ballon d’Or ceremony last month, when Vinicius missed out on the men’s award, caused confusion. And in the background, there is the unresolved standoff with UEFA over the delayed Super League project.
Overseen by Perez, the tournament's initial launch and subsequent cancellation were seen as a public relations disaster. However, they have since received some court support.
Perez is expected to address all of these topics in his speech to members at Real Madrid's annual general meeting (AGM) next Sunday. There are also suggestions he will present proposals to change the club's membership-based ownership structure.
The combined impact of the problems on and off the pitch has left Real Madrid vulnerable and unstable in a way they are not used to.
