Riquelme, 37, president and majority owner of the Cox Energy Group, arrived at the Electoral Board offices at the club's headquarters at around 6pm, having spent the morning at a notary's office certifying the validity of his guarantee. He spent approximately 50 minutes inside the offices submitting the required documentation before addressing the media outside.
"Today is a very important day for Real Madrid," he told reporters. "After 20 years, voting will finally be able to take place.
"This is not a candidacy against anyone — it is for Real Madrid. We have a tremendously exciting, serious and professional project, both in football and in social matters. It is important to keep the member in mind. I ask members not to be afraid.
"Be brave enough to listen and decide between the two projects on the table. When the Electoral Board approves the candidacy we will work around the clock to explain our project so that people can vote after 20 years."
The financial guarantee required under Real Madrid's statutes — 15 per cent of the club's annual budget — proved a significant hurdle. Reports emerged during the week that Banco Santander and BBVA had both declined to provide the required backing. Riquelme ultimately secured guarantees from Scotiabank, through its Irish subsidiary, and Andbank España, the Spanish arm of the Andorran private bank established in Spain since 1990. Both are listed in the Bank of Spain's registry, which the club's statutes require rather than specifically demanding a Spanish bank.
The Electoral Board now has 24 hours to review and approve or reject the candidacy. If accepted, the election date must be set within 15 days — placing the deadline around 8 June — with all club members eligible to vote.
Pérez, 79, has held the presidency since returning to the role in 2009 and has been re-elected unopposed in 2013, 2017, 2021 and 2025. The last contested election, in 2006, saw Ramón Calderón defeat Pérez himself.
The sporting backdrop is stark. Madrid finished second in LaLiga, 11 points behind champions FC Barcelona, were eliminated from the Champions League at the quarter-final stage by Bayern Munich and suffered a Copa del Rey exit against lower-league Albacete.
Whether that context is enough to shift the balance of the membership remains to be seen.