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Major Spanish banks have refused to support Enrique Riquelme's candidacy for the post of president of Real Madrid, making it difficult for the businessman from Alicante in the race against Florentino Pérez.
According to sources close to the process, Riquelme has failed to secure the bank guarantee of 187 million euros from Banco Santander and BBVA. Both financial institutions have declined to comment on the matter.
Real Madrid's electoral regulations set strict conditions for candidates seeking the presidency of the club. One of the main criteria is the provision of a bank guarantee issued by an institution registered with the Bank of Spain. The guarantee must cover at least 15% of the club's total budget, which currently amounts to 1.248 billion euros, and must be based exclusively on the candidate's personal wealth.
However, Enrique Riquelme has not given up on his candidacy. According to reports, he has managed to secure the support of the Canadian bank "Scotiabank", a financial institution with a market capitalization of around 83 billion euros, as well as a bank from Andorra.
The Spanish businessman appeared at the notary's office last Friday to finalize the documentation of his candidacy, which is expected to be made official on Saturday.
To meet the Madrid club's statutory requirements, Riquelme was forced to prove a personal fortune of nearly 200 million euros, a necessary condition for official registration in the Real Madrid presidential race.
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