Energy tycoon Riquelme announces first challenge to Real Madrid president Perez in 20 years

On 12 May, Perez, aged 79, called for fresh elections despite still having two years remaining on his mandate. This decision came after a second consecutive season without any trophies for the club, which holds the record of 15 European titles. Meanwhile, their fierce rivals Barcelona managed to retain the LaLiga championship.

Riquelme established Cox Energy in 2014, focusing on solar energy projects across Europe and Latin America. The company has secured major contracts in countries such as Chile, Mexico, and Spain. Through Ibox Energy, it oversees over 1.2 gigawatts of energy projects within Spain alone.

One of Cox Energy's most significant moves was the 2025 purchase of Iberdrola's Mexican assets, valued at $4.2 billion including debt.

In an open letter to Perez dated 13 May, Riquelme, addressing the infrastructure magnate and ACS Group CEO, emphasised the need for a more democratic election process at the club. He highlighted that the finest institutions thrive by balancing "experience with fresh perspectives, honouring tradition while embracing the future".