Spanish banks deny guarantee for Enrique Riquelme’s Real Madrid presidency bid | OneFootball

Spanish banks have refused to provide the guarantee required for Enrique Riquelme to stand for the Real Madrid presidency, after he declared his intention to run on Thursday.

According to Europa Press, Riquelme says he holds a guarantee equal to 15% of the club’s budget, about 187 million euros, although it does not come from Spanish lenders. The agency reports Banco Santander rejected the guarantee, with BBVA also declining. El Correo de Andalucía adds that on Friday the Cox founder set out a serious, professional and innovative ticket to challenge Florentino Pérez, aimed at restoring a social club and recovering values, and said a final decision could come between Friday night and Saturday morning.

His paperwork must be validated by the Electoral Board, including membership seniority, Spanish nationality and the 15% guarantee, within the allotted deadline. Candidacy will be confirmed only once all criteria are met.

Seeking backing abroad, he has secured a cheque with Bank of Nova Scotia and submitted a letter of assurance from Andbank. Any guarantee must be issued by a bank registered in Spain, or be counter guaranteed by one that is.

The elections were called recently by Florentino Pérez. Whether his bid proceeds depends on lodging an eligible guarantee within the submission window.

Source: El Periódico Mediterráneo