Cox Energy's Riquelme Secures Andbank Guarantee to Challenge Pérez for Real Madrid Presidency
Real Madrid presidential hopeful Enrique Riquelme overcame bank rejections by securing a 193.7 million euro guarantee from Andbank España, validating his challenge to Florentino Pérez in the club's first election in 20 years.
Key Points
- Enrique Riquelme filed candidacy paperwork Saturday at Valdebebas after Andbank España provided 193.7 million euro guarantee.
- Major banks like Santander, BBVA, Barclays refused; Andbank backed by Riquelme's Cox Energy stake.
- Electoral board validated bid Sunday, first contested race since 2006.
- Riquelme praises Pérez but pushes for new vision on values, transparency; elections possibly in 15 days.
Enrique Riquelme, president of the renewable energy firm Cox Energy, has secured a bank guarantee from Andbank's Spanish subsidiary, enabling him to register his candidacy for the Real Madrid presidency and challenge incumbent Florentino Pérez.
Riquelme filed the necessary paperwork on Saturday afternoon at the club's Valdebebas offices, meeting the deadline after last-minute negotiations with Andbank España, which is registered with the Bank of Spain. The Andorran-based private bank stepped in following refusals from major Spanish lenders including Banco Santander and BBVA, as well as international institutions such as Barclays, Goldman Sachs, and Deutsche Bank.
Real Madrid's statutes require candidates to provide a guarantee equal to 15% of the club's budget, amounting to around 193.7 million euros. Sources cited Spanish media reports confirming Andbank's role in structuring this backing, backed by Riquelme's personal and business assets, including his majority stake in Cox. Some accounts mentioned involvement from Canada's Scotiabank in cross-verifications or partial support, though details varied.
The club's electoral board validated Riquelme's bid on Sunday, paving the way for the first contested election since 2006, when Ramón Calderón defeated Juan Palacios. Pérez, seeking re-election, did not need to submit such a guarantee due to the current board's demonstrated asset growth.
Speaking to reporters after filing, Riquelme called the moment historic after 20 years without a vote, urging members to show courage and consider his "serious, professional, and innovative" project aimed at restoring club values, governance, transparency, and democracy. He described Pérez as "the best president in Real Madrid's history" but argued cycles end and the club needs a new medium- to long-term vision. Riquelme also praised departing captain Dani Carvajal as one of the club's "titans."
Elections could occur within about 15 days if timelines proceed as expected.
Related Articles
Other articles from Catalan-language sources about the same story:
- Altaveu•
La junta electoral del Reial Madrid valida la candidatura de Riquelme amb l'aval clau d'Andbank
- Diari d'Andorra•
Riquelme firma l’aval amb Andbank Espanya i presenta la candidatura
- Altaveu•
Riquelme presenta candidatura al Reial Madrid després d'una llarga negociació amb Andbank
- Diari d'Andorra•
El rival de Florentino firma l'aval amb Andbank Espanya i presentarà la candidatura aquesta tarda
- Diari d'Andorra•
El rival de Florentino Pérez tanca l’aval amb Andbank Espanya
- Diari d'Andorra•
El rival de Florentino Pérez per presidir el Madrid aconsegueix un aval d'Andbank
- Altaveu•
Andbank avalarà el rival de Florentino Pérez a les eleccions a la presidència del Reial Madrid
- El Periòdic•
El filial espanyol d’Andbank i Scotiabank avalaran la candidatura de Riquelme per a les eleccions del Reial Madrid