Spanish banks deny backing for Riquelme's Real Madrid candidacy

Spain's major banks Santander and BBVA have rejected providing financial backing for Enrique Riquelme's candidacy in Real Madrid's presidential election, according to financial sources familiar with the matter.

Riquelme, CEO of Cox Energy, formally notified Real Madrid's Electoral Board on Thursday of his intention to run against incumbent president Florentino Pérez. The election is scheduled for June, following the announcement of the electoral process on May 12.

Under Real Madrid's bylaws, presidential candidates must secure a bank guarantee equivalent to 15 percent of the club's budget, approximately 187 million euros. Riquelme had sought this guarantee from Santander and BBVA, Spain's two largest banks, but both declined to provide it.

In response, Riquelme has shifted his efforts toward securing backing from international financial institutions. Negotiations are underway with Andbank España, the Spanish subsidiary of the Andorran bank, and Canadian bank Scotiabank, among other international entities. Financial sources indicated that these negotiations are advanced and expected to conclude by Friday evening.

Riquelme's candidacy is scheduled to be formally presented Saturday with a guarantee provided entirely by Andbank España, which holds a banking license from Spain's central bank as required by electoral regulations.

The 37-year-old entrepreneur from Alicante has described his candidacy as "serious, professional and innovative." He stated that his campaign aims to return the club to its members and recover values that have deteriorated. Riquelme emphasized that his team is working around the clock to develop a platform that makes sense for the club after 20 years without elections.

Riquelme meets other statutory requirements for candidacy, including membership in the club for more than 20 years. He has stated that his campaign will focus on transparency and restoring club values.

The Electoral Board established a 48-hour advance notice requirement before the formal candidacy submission deadline of Saturday at midnight. Riquelme submitted his notice of intent Thursday, allowing him until Saturday to formally present his full candidacy documentation.

Florentino Pérez, who has led Real Madrid through seven European Cup victories, announced the electoral process last week. The election will proceed if more than one candidacy is formally registered by the deadline.

Riquelme is also president and majority shareholder of Cox, an energy and water utility. The company recently completed the acquisition of Iberdrola's Mexican operations for approximately 4 billion dollars in late April, a transaction Riquelme described as transformational for the group's scale and operations.