Real Madrid is owned entirely by members who decide its president. Each pay an annual fee of around £130 and nearly 100,000 of them will vote on Sunday.

Following his first election in 2000, Perez pursued a ‘Galacticos’ policy of signing expensive world-class players including Luis Figo, David Beckham and Zinedine Zidane.

Real Madrid won two La Liga titles and a Champions League before Perez resigned in 2006 amid disappointing results.

In 2009, he successfully stood for the presidency again unopposed and has done so a further four times in his 17-year second term.

Trailing La Liga champions Barcelona by eight points, Real Madrid ended the 2025-26 season with no major trophies for the second season in a row.

As the season drew to a close, Perez called a news conference in which he railed against the club’s enemies and urged those unhappy with his leadership to run against him for president.

Renewable energy magnate Riquelme stepped forward, leaving Perez to compete with another candidate to retain his role for the first time in 20 years.

On Wednesday, Perez promised voters he would initiate a Galacticos-style transfer bid days after he hopes to be re-elected.

“I have some news for you,” he told Spanish TV show Horizonte.

“On Tuesday or so, I’m going to make an offer to a major Champions League club for a great player. It would be the largest transfer fee Real Madrid has ever paid in its history.”

Perez was asked the identity of his target and the scale of the fee.

“Olise is a great player but it’s not Olise,” Perez said. “It’s not Doku either.

“We’re going to make a significant offer, at least around 150m.

“He needs to be a player from midfield who can go forward. And it’s not Haaland.

“The player is not from the Premier League. And the first thing we’ll do is talk to the club.

“It’s a signing meant to generate excitement because that’s what it’s all about, generating excitement.”

He also reminded voters his re-election would activate already-agreed deals for manager Jose Mourinho, Inter Milan defender Denzel Dumfries and Ibrahima Konate, whose contract at Liverpool won’t be renewed.