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Madrid, Spain – Real Madrid fans were divided over plans announced this week by club President Florentino Perez to allow private equity investors to buy up to a 10% stake in the club.

Some fans of “los merengues” said it would mean selling off part of the club, even though Real Madrid remains the wealthiest football club in the world.

They also noted that in recent years, Real Madrid had already changed membership rules, contravening promises to keep memberships within families and diluting its character.

Others supported the investor plan, saying it made good business sense and would not alter the trajectory of a hugely successful club that has won the Spanish domestic title 36 times and collected a record 15 UEFA Champions League trophies.

Perez insisted that allowing private equity investors – who often deploy large amounts of capital into companies not listed on public stock exchanges – to take a stake in the club was an “indispensable project” for the future of football.

Speaking to club members on Sunday, Perez said he will propose a statutory reform during an extraordinary assembly to allow for the possibility of outside investors to take a minority stake in the club, according to reporting by The Associated Press news agency.

“We will continue to be a members’ club, but we must create a subsidiary in which the 100,000 members of Real Madrid will always retain absolute control,” he said.

“On that basis, this subsidiary could simply incorporate a minority stake, for example, 5% – never more than 10% – from one or more investors committed to the very long term and willing to contribute their own resources.”

Perez said that would be “the clearest and most compelling way to value our club”.

The 78-year-old added that it would allow the club to pay dividends to club members, which it is presently forbidden from doing.

Perez insisted investors would be obliged to “respect our values”, contribute to the growth of the club and “help us protect our assets from external attacks”.

He said Real Madrid could have the right to buy its assets back from investors.

Perez reiterated several times that members would never lose control of the club.

He said his proposal would make sure that the current 98,272 members are recognised as the real owners of the club, with the number of members fixed for the future.

“With this protection in place, no one will be able to diminish our status as owners or alter the balance that guarantees the independence and stability of Real Madrid,” Perez said. “It will be us, the members of today, who will have the responsibility of safeguarding our culture of values and ensuring that our club continues to lead world football for many generations to come.”

The Real Madrid president further explained the reform would “shield the club from external and internal attacks on our assets, and to highlight their value so that we are all aware of the treasure that we, as members, have in our hands”.

Spanish club ownership versus English

Real Madrid, like Barcelona and a small number of other Spanish football clubs, is classed as a nonprofit organisation as it is owned by its club members, or socios. Real Madrid, founded in 1902, has only ever had this ownership model.

This ownership structure prevents large private investors from forging a majority controlling stake in the clubs; it also means they can claim tax concessions.

This is despite the fact that Real Madrid was named the world’s wealthiest football club for the fourth straight year in 2025, with an estimated market valuation of $6.75bn, according to the Forbes List. It was also the first club to earn $1bn in revenue.

The nonprofit status allows Spanish clubs to preserve some traditions of their clubs and for members to take an active role in the organisations.

Graham Hunter, a British football journalist who specialises in Spanish football, pointed to the example of Joan Laporta, the current president of the other Spanish mega club, Barcelona.

“Laporta went from being a member and a lawyer to being [club] president in seven years,” he said.

In stark contrast, football clubs in England or the United States – Manchester United or Inter Miami being just two examples – can be owned by individuals, corporations and in some instances, acquired on public stock exchanges, resulting in more commercialised ownership structures.

It means their club’s performances are often centred on more short-run processes like profit maximisation, whereas in Spain, the club is in the hands of fans – not large private investors – allowing scope for longer-term business strategies to be enacted.

If Perez’s plan goes ahead, this could open the door for this famous Spanish club to become more like its foreign rivals.

The high-profile, multi-billionaire boss of Louis Vuitton, Bernard Arnault, was named in Spanish media on Monday as a potential investor in the club, should the new minority ownership rules be adopted.

Fans reaction

Some Real Madrid fans did not share Perez’s enthusiasm to open up the club to large private investors.

David Garcia, a former season ticket holder at the Santiago Bernabeu stadium, said Perez had previously told fans he would preserve the club for members.

“On Sunday, Florentino [Perez] misled the members again. He had told us that access to the club was restricted to the children or grandchildren of members to prevent a Russian or Chinese person from joining,” he told Al Jazeera.

Garcia added that in recent years, the rules of admission to membership had been changed several times, and Chinese and other foreigners had appeared on membership lists.

Alejandro Dominguez, a former vice president of the Real Madrid Veterans Pena, questioned why outside investors were needed to boost the coffers of such a profitable club.

“I don’t understand why we need more money when we are already the richest club in the world?” he told Al Jazeera.

However, Fernando Valdez, a lifelong Real Madrid fan who is part of La Gran Familia supporters club, said he believed the reform would not harm the character of the club.

“If we were selling off huge chunks of the club to raise money to compete with Paris Saint-Germain, then that would be worrying, as it would change the club forever. But it is not like that,” he said.

“We need to know more details about this, but on the face of it, it does not seem like anything to worry about. Five percent or 10% is nothing.”

David Alvarez, who writes about Real Madrid for El Pais newspaper, said Perez’s ownership plan was not designed to compete with other high-spending clubs like Manchester City.

“This will allow the club to pay dividends to socios (club members). At present, the law stops them from doing that. They would have to sell a much bigger stake to be able to compete with the other big clubs in Europe, so they are not trying to do that.”

New York City – For Jessica Dejesus, deciding who to vote for as the next mayor of New York City came down to the final minutes.

The 40-year-old resident of the Mott Haven neighbourhood in the Bronx admittedly had not been following the race closely, but planned to vote for former Governor Andrew Cuomo. She recalled his near-nightly television appearances when he was governor of New York State amid the ravages of the COVID-19 pandemic.

“He was our guy during the pandemic,” she reflected.

But a day before the election, Dejesus saw a video on TikTok detailing US President Donald Trump’s endorsement of Cuomo.

While her feelings towards the candidates in the mayoral race may be ho-hum, Dejesus knows she is no fan of Trump. The nod made her give upstart candidate Social Zohran Mamdani, a democratic socialist, a closer look.

“We can’t have that. I don’t disagree with everything Trump does, but he cut back on food stamps, and that affects a lot of people,” she said, referring to restrictions on US Supplemental Nutrition Assistance Program (SNAP) benefits in a bill passed by Trump and Republicans earlier this year.

“I understand you have to stop bad people coming over the border, but there are a lot of good immigrants here as well,” she said, referring to Trump’s mass deportation drive.

Walking into her voting site, she told Al Jazeera she still had not made up her mind. “I’ll have to wait until that paper’s in front of me,” she said.

Moments later, she emerged: “I voted for Mamdani!” she said.

‘You really have no choice’

A neighbourhood like Mott Haven, which was solidly mixed during the June primary in its turnout for Mamdani and Cuomo, shows just how reactive Trump’s endorsement could be to the race: a poison pill for some and a final nail in the coffin for others.

Trump, meanwhile, hoped his endorsement, soon followed by that of billionaire Elon Musk, would help rally conservative New Yorkers who came out in atypically large numbers in the city’s 2024 presidential election.

“Whether you personally like Andrew Cuomo or not, you really have no choice,” Trump said in a social media post on Monday.

“You must vote for him and hope he does a fantastic job. He is capable of it, Mamdani is not!”

Cuomo has also been explicitly reaching out to Republicans, hoping to court their votes. About 11 percent of New York’s 4.7 million voters were registered with the Republican Party in 2024.

Recent polls have shown Republican candidate Curtis Sliwa carrying about 14 percent of the vote – not a huge amount, but potentially enough to close Mamdani’s lead over the former governor.

It remained unclear how successful the action from Trump – who has also threatened to target city funding if Mamdani was elected – would be. But for some staunch supporters of Sliwa, Trump’s intervention did little to change their minds.

“[Trump’s endorsement] doesn’t change my vote. Sliwa is for the people and I have faith in that,” said Artemio Figuero, a 59-year-old city street cleaner, who spoke to Al Jazeera in Jackson Heights, Queens.

“He was a protector of the neighbourhood,” Figuero added, referring to Sliwa’s stewardship of the vigilante anti-crime Guardian Angels group.

Other Republicans who had long grown accustomed to voting outside of their party in the liberal-dominated local elections saw Trump’s support as a positive development, if not a game-changer.

“I like that Trump endorsed him,” Lola Ferguson, a 53-year-old social worker and registered Republican who was already planning to vote for Cuomo, told Al Jazeera in Mott Haven.

“He knows that [Cuomo’s] the better match for the city,” she said.

Cuomo, for his part, has denied Trump’s endorsement counts, noting that Trump had referred to him as a “bad Democrat” compared to Mamdani, whom he falsely called a “communist”.

Still, for Mamdani supporters, Trump’s move was not unexpected. Cuomo has been supported by an array of the city’s wealthiest residents, including billionaires like Bill Ackman and Miriam Adelson, who have also backed Trump.

“Birds of a feather flock together,” said Andre Augustine, a 33-year-old who works at a college access nonprofit, who voted for Mamdani.

“I feel like the signs were already there. All the folks that were financing Trump’s campaign were also financing Cuomo’s, and I feel like [Cuomo] just wouldn’t be honest about it,” he said.

For others, Trump’s endorsement was the feather that broke the camel’s back.

Dominique Witter, 39, a healthcare tech consultant, respected Cuomo’s handling of the COVID-19 pandemic in the city, but had been gradually shifting towards Mamdani.

She did not decide on Mamdani until the final sprint of the race.

“It took me a while to get there, but I’m voting for Mamdani,” she told Al Jazeera as she prepared to vote in Mott Haven.

“I’m not gonna lie; the Trump endorsement did not help. Because that’s not what we want, right?” she said.

“Oh no, that’s not an endorsement you want.”