Ownership changes? Real Madrid is brewing structural changes and wants to emulate the model of another giant.

Real Madrid Football Club is facing a major structural change. According to Spanish journalist Ramon Alvarez, the top club is studying reforms to its ownership model, a move that may reshape the club's future operational management and financial structure.

This discussion stems from President Florentino's long-standing philosophy: Real Madrid, collectively owned by its members, needs more powerful tools to defend its assets and adapt to the modern football economic landscape. Although Florentino has not yet formally submitted the plan, Alvarez revealed that the matter is expected to be discussed at the club's membership meeting in early November.

According to analysis, the core of the reform plan is to integrate all members into a foundation or holding structure to maintain control of the club. At the same time, Real Madrid may open up to 49% of the shares to external investors (corporations or investment funds), while members collectively will still hold more than 50% of the controlling stake.

The move is intended to bring in new investment and capital inflows while ensuring members remain the primary decision-makers. Alvarez pointed out that this model is similar to Bayern Munich - about 76% of the club's shares are held by a foundation representing fans, and the remaining 24% belongs to corporate partners such as Adidas and Opel.

For Florentino, maintaining membership control is crucial. Any plan to allow members to trade their shares freely could undermine Real Madrid's traditional membership-based nature - something the chairman clearly wants to avoid. However, building a legally sound “closed” equity system requires complex legal design.

Alvarez emphasized that if the plan is passed, the board of directors will be reorganized into a structure in which member representatives and external investors participate. Decisions will be made by vote, with the membership collectively retaining the final say thanks to majority ownership.

Although the reporter stated that he would not express his personal opinions until more details were obtained, he specifically pointed out: "This is a fundamental issue related to the future of the club. We must not only understand the motivation for the change, but also clarify the specific implementation path."

If Real Madrid finally embarks on a Bayern-style path, this will be a historic turning point - striking a balance between traditional and modern corporate management may set a new paradigm for European membership football institutions.

The current reform plan is still in the research stage, but global attention has been focused on Florentino and the upcoming general meeting, waiting to see whether this honorable club is ready to reconstruct the ownership structure for the new era.