Energy magnate Riquelme declares first challenge to Real Madrid president Perez in 20 years

On 12 May, Perez, aged 79, called for fresh elections even though he still had two years remaining in his term. This came after a second consecutive campaign without trophies for the record 15-time European champions. Real's fierce rivals Barcelona held on to the LaLiga title.

Riquelme established Cox Energy in 2014 with a focus on solar energy across Europe and Latin America, securing major projects in Chile, Mexico and Spain. The firm oversees more than 1.2 gigawatts of energy initiatives in Spain via Ibox Energy.

One of Cox's biggest deals was the purchase in 2025 of Iberdrola's Mexican assets for $4.2 billion, including debt.

In his open letter to Perez on 13 May, Riquelme described the Real Madrid president, an infrastructure development magnate and chief executive of civil engineering firm ACS Group, as someone who leads a club that needs a more democratic election process. He said the best organisations are those that blend "experience and renewal, past and future".