Perez linked Enrique Riquelme directly to what he described as the most sinister chapter in the club's recent history.
The incumbent, 79, presented his candidacy for the 7 June election at a packed event at the Palacio Municipal de Congresos in Madrid, attended by former players including Ronaldo Nazário, Roberto Carlos and Santiago Solari. Ronaldo Nazário briefly took the microphone to endorse the president: "You have always been the best. Hala Madrid!"
Pérez's central argument was not about the future. It was about the past — and specifically about Ramón Calderón, whose three-year presidency from 2006 to 2009 remains a contested period in the club's institutional history.
"We know this campaign is led by the same people who were in the most sinister era in the history of Real Madrid — the Ramón Calderón era," Pérez said. "The same people who were on that board of directors.
"The same people who at an assembly stole the sovereignty of the members. Now the sons, brothers-in-law and directors are presenting themselves. They do not come to serve Real Madrid. They come to be served by Real Madrid."
He declined to name Riquelme directly throughout the speech, instead referring consistently to his rival's circle and associates. He pointed to a "shadow campaign" against the club as his original motivation for calling the election.
Substantively, Pérez offered little that was new. He reiterated his plans for the "Bernabéu Infinito" project developed in partnership with Apple. He announced a social club for members. He promised to crack down on ticket reselling. He raised the ongoing Negreira case — involving payments made by Barcelona to a company linked to a former refereeing official — and pledged to take documentation to UEFA.
The case, which has been under investigation in Spain since 2023, has been a consistent theme of Pérez's public appearances. He addressed it directly.
"I will not stop while the Negreira case remains there staining the image of Spanish football. We are the only club that has formally joined proceedings against it."
Riquelme, who had presented his own candidacy earlier in the day with a detailed "Ciudad del Socio" membership plan and a series of pointed criticisms about ticket pricing, VIP box governance and access inequality, did not respond directly to Pérez's attack on Wednesday evening.
The vote is on 7 June. Pérez has not faced a contested ballot since 2006, when Calderón beat him and ended his first term.
The campaign has only just begun.