Speaking at his campaign headquarters, Riquelme said: "I am asking people that the result of these elections is the clearest possible message — Real Madrid is not for sale. This must be the greatest mobilisation in our history. These elections are no longer a normal election. They are a referendum on whether to sell the club or not."
The intervention was a direct response to an interview Pérez gave to El País in which the 79-year-old current president outlined a proposal to grant "economic ownership" to the club's approximately 100,000 members by selling a minority stake of around five percent to an external investor.
Pérez argued the move would establish the club's market value — a figure he believes is significantly underestimated by Forbes — and that it would not grant the buyer any decision-making power.
Riquelme disputed that framing entirely.
"He is clearly saying that he is going to privatise the club. The club must be 100 percent owned by its members." He announced he would visit a notary this week to formally commit, in writing, that he would never sell the club, and invited Pérez to join him.
His tone on Pérez the man was measured, but on this specific issue it was not.
"He has been a great president, but that does not give him the right to sell the club. He has crossed a red line."
Riquelme and Pérez were both present at a Real Madrid women's team match on Sunday morning — a reminder of the proximity of the campaign in its final days.
Pérez has framed the election itself as a response to what he described as "organised manoeuvres" from Riquelme's team, and has referred to his rival's operation as a "union of interests." Riquelme has rejected that characterisation as part of a broader pattern of deflection.
The election on Saturday will be the first contested presidential vote at Real Madrid in 20 years.