A crisis deepening behind the scenes: Perez's most dangerous gamble threatens to destroy Real Madrid
Will the calculations be turned upside down?
The project of Real Madrid president Florentino Perez appeared to be heading in the right direction when, in the summer of 2024, Real Madrid celebrated winning both the Champions League and the Spanish league title, before moving to sign French striker Kylian Mbappe.
Mbappe joined a squad full of stars, in the Real Madrid president's second attempt to give the fans a team made up of an elite selection of the world's biggest names.
The atmosphere was perfect. Nobody saw what was coming over the following years. Since the French striker put pen to paper, Real Madrid have lived through two seasons of disappointment and rising tension.
According to the Spanish newspaper "Sport", several reasons explain the poor results, among them the way the midfield has been managed and the lack of harmony between the coaches and the members of the squad.
Over these two seasons, though, the talk has centred on something else: the poor understanding and declining output of Kylian Mbappe, Jude Bellingham and Vinicius Junior when they play together.
A firm bet on the trio
Despite the results, Florentino Perez has stuck to his decision to build the club's future plan around the trio of stars, and his recent decisions confirm that, particularly those relating to contract renewals.
Circumstances handed the Real Madrid president a chance to take a decisive decision on Vinicius Junior. The Brazilian star's level in recent seasons, plus the option of a huge sale before his contract expired with a club such as Arsenal interested, meant the scene looked perfectly suited to parting with the player.
But Perez and the club's board were determined to renew the player's contract regardless of the consequences, and both parties had to make concessions over their demands. Even so, Vinicius secured a lucrative new contract that made him the second highest paid player in the entire squad, behind only Mbappe, and by a wide margin over the rest of his teammates.
That contract gave the player greater standing and influence within the team. Instead of acting as an incentive to improve his level, it turned into a problem given what he is producing on the pitch.
Vinicius renewed his contract until 2032, while Jude Bellingham will renew his contract soon until 2031.
The club sees the English player as the team's genuine leader and the representative of Real Madrid's values, which places him above his two attacking teammates on both of those counts. The Brazilian star's recent renewal was one of the factors that prompted the renewal of the midfielder's contract and the improvement of his salary to match that of Vinicius.
A clear risk
Mbappe is tied to a contract with Real Madrid until 2029, Bellingham until 2031, and Vinicius Junior until 2032.
All three sit at the top of the wage pyramid at the club, with the French star a step ahead of his two teammates thanks to his signing bonus.
Perez has decided to pin the club's future on how successful the attacking trio are in gelling and delivering the required level. So far, that trio has raised more questions than it has provided reassuring answers.
The French star scores goals and boosts his numbers with striking ease, but he goes missing in the big matches, and his behaviour on and off the pitch has caused the fans' attachment to him to decline.
As for the Brazilian star, he has literally become a shadow of the player he once was. He does not get past defenders, he does not score goals, and he does not carry out his defensive duties.
Then there is the English player, who appears completely affected by the presence of his teammates around him, who often take the spotlight away from him. Despite shining with his national team, he produces highly inconsistent levels with Real Madrid.
Those factors could have influenced the decisions on long-term contract renewals. Instead, the Real Madrid board has laid the blame on the coaches, or on the circumstances surrounding the team, such as refereeing, injuries and other factors.
So the board sticks to its bet on the trio, who face a decisive test during the current season. Three years passing without winning major titles would be catastrophic for everyone at Real Madrid.
All of this comes without taking into account that the Mbappe file will need to be resolved sooner or later, because next summer the French star will enter the final two years of his contract.
Nobody expects Real Madrid to accept their leading star reaching the final 12 months of his contract without a renewal, which obliges the club to open negotiations during next season.
