Nadal a new figurehead and Al-Ghazzari behind the scenes: Perez weaves the threads of Real Madrid's future

The arrival of the tennis legend to Real Madrid's board of directors represents a blow to businessman Enrique Riquelme.

Florentino Pérez isn't done reshaping Real Madrid. The club president is lining up the next phase of his project, with moves designed to secure its continuity long after he steps down. Chief among them: positioning Spanish tennis legend Rafael Nadal as a potential future president, while tightening the grip of a circle of trusted allies across the club's administrative structure.

The plan goes beyond the boardroom. Pérez is also pushing a project to restructure Real Madrid institutionally, one that could unlock financial liquidity of up to one billion euros while keeping the club independent and stopping short of turning it into a sporting joint-stock company.

Catalan newspaper "Sport" reported, citing Spanish outlet "El Periódico", that Pérez called the decision to bring Nadal onto Real Madrid's board on 4 November a "stroke of genius", a nod to both the timing and the impact of the move on the club's future. The former tennis star's appointment will be ratified at the general assembly scheduled for 21 November.

For businessman Enrique Riquelme, Nadal's arrival lands as a blow. Riquelme took 35% of the vote in the last election and harboured hopes of challenging Pérez for the presidency. But the Madrid chief wants a successor he trusts, one who guarantees the continuity of his vision over the long term.

There's a catch for Nadal. To run for the presidency, he must have held Real Madrid membership for 20 years, a milestone he'll reach in 2031, a year after Pérez's new term ends. Any electoral list must also lodge a bank guarantee of no less than 15% of the club's spending budget.

At the heart of the reshuffled power base sits Moroccan Anas Laghrari, one of Pérez's closest figures after playing a key role in strategic and financial matters, not least the redevelopment of the Santiago Bernabéu. Bernd Reichart, meanwhile, has taken a prominent role running commercial affairs, from global sponsorships to the exploitation of the stadium and commercial activities, all under the supervision of general director José Ángel Sánchez.

Pérez's family, too, is increasingly visible inside the club's inner circle. His grandson Eduardo Pérez Ortiz works in investments and strategic operations, alongside his son Florentino Junior and his brother Enrique, vice-president of the board.

The financial centrepiece is the restructuring of Real Madrid's institutional status. Pérez plans to sell a minority stake to financial investors for one billion euros, without handing them control or converting the club into a sporting joint-stock company. "Sixth Street" and entities linked to billionaire Bernard Arnault have been floated as potential investors.

One promise remains unkept. Pérez had vowed to call an extraordinary general assembly to thrash out the project, yet it hasn't happened. The 21 November assembly is expected to centre on Nadal's appointment rather than the restructuring, and that is unsettling some members.

There was good news on the balance sheet. Real Madrid received a financial boost after Madrid city council admitted an error in the reclassification of the sporting city's land, lifting the related profits from 1.46 million euros to 98.6 million euros.