Monday 4 January 2016 19:27, UK
Rafa Benitez has been sacked. But should club president Florentino Perez be taking the blame?
Across his 12 years in charge at the club, Perez has spent 1.2bn euros on transfers, yet his second spell leading Real Madrid has yielded only one league title, two Copa del Rey crowns and one Champions League win in six seasons.
Off the field, Real Madrid have become the richest club in Europe - their revenue in 2014 was 550m euros. But on it, they have been eclipsed by rivals Barcelona. The Catalans have won four La Ligas, two Copa del Reys and two Champions Leagues during Perez's second tenure.
Here, Spanish football expert Guillem Balague helps us analyse Perez's work both on and off the field at Real Madrid and explains why it will be hard for anyone to replace him...
Transfers and trophies
Florentino Perez was first elected Real Madrid president in 2000, on the back of a campaign against alleged financial problems and mismanagement at the club. With the controversial signing of Luis Figo from Barcelona that year, he ushered in the Galactico era. Zinedine Zidane, Ronaldo, David Beckham and Michael Owen followed.
Perez was re-elected in 2004 after his star-studded side had claimed two La Ligas and a record ninth Champions League triumph in his first four years in charge. However, he resigned in February 2006 with the team struggling to replicate that success.
When he returned to the post in the summer of 2009, he continued his policy of signing football's biggest stars with the capture of Kaka, Cristiano Ronaldo and, later, Gareth Bale and James Rodriguez. However, as yet, Real have been unable to wrestle domestic and European dominance from Barcelona, despite winning the 2011/12 title under Jose Mourinho and La Decima with Carlo Ancelotti in 2014.
"The philosophy of the club, which is to get the best players around and fill the team in with one or two local players, is not terrible and it's followed by one or two others," said Balague. "And the philosophy has won them things. But not as many as they would have won if he hadn't had his hands on the football decisions.
"It's only one league in his last six seasons. Cristiano Ronaldo, in his six years, has only won one league, two cups and one Champions League, which is not enough for the kind of money they've spent. Perez has got a worse record than most of the presidents of Real Madrid.
"But you have to say he's been unlucky that he's faced the best team in history. Since 2008, Barcelona have won so much and won it instead of Real Madrid both in Europe and locally. That has made life difficult for him."
The finances
Despite Real's struggles on the field, Balague is adamant: "The philosophy hasn't failed.
"Perez has produced a lot of money, which allows Real to compete at the highest level, without having to bring in foreign investment. You have to take that into consideration. Manchester City and Chelsea wouldn't compete if it wasn't for the foreign investment that's come in. You have to say Real have stopped that.
"The finances have improved under Perez. When he first came in and also when he came for a second time, he painted a picture of a club that was financially very bad. On the first occasion, he was absolutely right. He took Real Madrid to a completely different level. He maximised the potential financially at the club, there's no doubt about that.
"The business model does work, this idea - copied from Disney - that every year they have to have a Mickey Mouse, a Goofy, that works and the finances have improved to such a point that he keeps saying he stopped foreign investors taking over the club.
If Perez became only a president, the one who dealt with the money and the commercial side of things he would be brilliant. But he's not as good as a director of football.
"If Florentino Perez became only a president, the one who dealt with the money and the commercial side of things, he would be brilliant. But he's not as good as a director of football."
Can anyone challenge him?
Rafa Benitez is the 10th manager to leave Real Madrid during Perez's 12 years in charge. In contrast, the president remains in a commanding position. The odds are stacked against anyone relieving him of his post.
"Since 2010, he has made it very difficult for anyone to come in and take over the club," said Balague. "You now have to be a season ticket-holder for 20 years to invest in the club, which means only true Real Madrid fans can take over the club. That stops younger potential candidates. To be president, you also need to have a guarantee of 15 per cent of the budget. The budget is 600m euros - not everybody has got that. He's stopped any real opposition.
"There is a court case of some Real Madrid fans that want to take those rules to court and stop it because they think it's very unfair. If he's forced to stop that - which he has changed already in the rules of the club - he may be forced to have elections. In any case, he may just do early elections because that way he stops the opposition from gathering momentum, if there is any opposition."
