Cox Energy President Enrique Riquelme Submits Real Madrid Candidacy with €193.7M Guarantee

Enrique Riquelme, president of Cox Energy, submitted his candidacy for Real Madrid presidency on Saturday afternoon at the club's Valdebebas offices, backed by a €193.7 million bank guarantee from Andbank España and counter-guarantees from Scotiabank tied to his personal assets.

The Alicante-based entrepreneur, a Spanish national and club member for over 20 years, sealed the deal in a Madrid notary just hours before the deadline. The aval, matching 15% of the club's estimated €1.29 billion annual budget, would only draw on Riquelme's holdings—including Canadian assets via Scotiabank—if he wins the election. His net worth, exceeding €600 million mainly from Cox Energy, underpins the structure.

Negotiations accelerated over the prior 24 hours after rejections from major Spanish and international lenders. Sources cited earlier talks with BBVA, Banco Santander, Barclays, Goldman Sachs, and Deutsche Bank, some deterred by potential fallout from challenging incumbent Florentino Pérez, who announced elections on May 12. Andbank España, the Andorran group's subsidiary registered with the Bank of Spain and focused on high-net-worth clients, stepped in as the key player.

Outside Valdebebas, Riquelme called it "a very important day for Real Madrid" after 20 years without a contested vote. He urged members "not to be afraid," stressing his "serious, professional, and innovative" bid aims to restore club values, return power to socios, and support the institution rather than target any individual. He also praised departing captain Dani Carvajal as "one of the titans of Real Madrid."

The Electoral Board will review the bid on Sunday, with a decision expected within 24 hours. Pérez's candidacy was already approved Saturday morning. Validation would trigger the first competitive election since Ramón Calderón's 2006 victory, with voting potentially in about 15 days. Neither Pérez nor the board has commented publicly.