Real Madrid election candidate forced to seek foreign backing after Spanish banks refuse loan | OneFootball

The political tension surrounding Real Madrid’s upcoming presidential elections has suddenly intensified after fresh revelations involving Enrique Riquelme and the enormous financial requirements needed to validate a candidacy.

While transfer stories usually dominate headlines around the Santiago Bernabeu, attention this time has shifted towards the boardroom after it came to light that major Spanish banks refused to support Riquelme’s attempt to enter the presidential race.

The situation created serious uncertainty over whether the businessman would even be able to officially stand in the elections, especially with strict financial regulations attached to the process.

Under Real Madrid’s electoral rules, candidates must present a massive financial guarantee worth €187 million in order for their candidacy to be accepted. 

Without that backing, participation in the elections becomes impossible.

Riquelme forced to seek support abroad

View this post on Instagram A post shared by Cox (@grupocox)

According to reports emerging from Mundo Deportivo, banking giants Santander and BBVA declined to provide the required financial guarantee to Enrique Riquelme. 

That decision pushed the businessman and his team into exploring alternatives outside Spain in order to keep the candidacy alive.

As a result, the search appears to have led towards international institutions.

Reports now suggest Riquelme has managed to secure backing from two foreign banks, believed to be located in Andorra and Canada. 

However, there remains an important legal condition attached to that support. 

View this post on Instagram A post shared by Enrique Riquelme (@enriqueriquelmev)

Any financial institution involved in the process must be officially recognised within the Bank of Spain’s Register of Institutions for the guarantee to be considered valid under the election rules.

At the moment, indications from Spain suggest the businessman may have finally secured the necessary backing needed to continue.

So what now?

Riquelme recently confirmed publicly that the final decision regarding his candidacy would be made within hours alongside his advisors and legal team. 

The pressure is increasing because the deadline for submitting the official documentation arrives tomorrow, which leaves almost no margin for error.

So for now, all eyes remain on whether Enrique formally completes the process before the deadline closes.