Real Madrid's Perez proposes creating subsidiary of club, selling 5% stake

VIDEO SHOWS: REAL MADRID HOSTING CLUB MEMBERS MEETING TO ADDRESS PLANS TOWARDS POSSIBLY CHANGING THEIR OWNERSHIP STRUCTURE / COMMENTS BY REAL MADRID PRESIDENT FLORENTINO PEREZ  COMPLETE SCRIPT TO FOLLOW SHOWS: MADRID, SPAIN (NOVEMBER 23, 2025) (REUTERS-Access all) 1. VARIOUS OF REAL MADRID EXECUTIVE BOARD AND IMAGE OF PRESIDENT FLORENTINO PEREZ DURING CLUB MEMBERS MEETING 2. PEREZ WALKING TOWARDS STAND 3. PEREZ PREPARING FOR SPEECH 4. (SOUNDBITE) (Spanish) REAL MADRID PRESIDENT FLORENTINO PEREZ SAYING: "The conclusion is clear: we will continue to be a members' club, but we must create a subsidiary in which the 100,000 members of Real Madrid always retain absolute control over this base, this subsidiary, could simply be incorporated to value the club with a minority stake. I don't know, maybe 5%, something like this, so that we know what the club is worth, because otherwise we don't know what it's worth. And why we should take that step. Because it's the clearest and most compelling way we have to value it, other than going public. And we don't want to do that." 5. PEREZ DURING SPEECH 6. (SOUNDBITE) (Spanish) REAL MADRID PRESIDENT FLORENTINO PEREZ SAYING: "That someone is willing to invest significant amounts of money for a symbolic stake is the greatest demonstration of Real Madrid's value and, at the same time, such a limited stake ensures that control, governance and the essence of the club will always remain in the hands of our members, delegates and the executive board." 7. PEREZ DURING SPEECH 8. (SOUNDBITE) (Spanish) REAL MADRID PRESIDENT FLORENTINO PEREZ SAYING: "We have witnessed an unusual attempt to use the success of the NFL match at the Bernabeu to justify the failed project and to take an official La Liga match to Miami. The NFL event was impeccable, legal, respectful and in line with every rule of its competition. And the comparison is absurd because the NFL's international event does have the backing of all 32 clubs and players in that competition. This is not the case with the match in Miami." 9. PEREZ DURING SPEECH 10. (SOUNDBITE) (Spanish) REAL MADRID PRESIDENT FLORENTINO PEREZ SAYING: "And I'll let you in on a secret: when the president of the Spanish Federation came, he only offered me membership of the Federation, and I had to say, 'You don't know me', I simply wasn't going to be an accomplice.” 11. REAL MADRID MEMBERS DURING MEETING 12. PEREZ DURING SPEECH 13. (SOUNDBITE) (Spanish) REAL MADRID PRESIDENT FLORENTINO PEREZ SAYING: "It is not normal that Barcelona has paid the vice-president of the referees more than €8 million for at least 17 years. The vice-president of the refereeing association, who, as everyone knows, had key functions in the refereeing system. Among other things, he was responsible for communicating the promotion and relegation of referees each season, a period of almost 20 years, which also coincides with Barcelona's best sporting results in our country." 14. PEREZ LEAVING STAND AND GREETING 15. VARIOUS OF BOARD AND MEMBERS VOTING YES DURING GENERAL ASSEMBLY VOTE, NOT RELATED TO THE SUBSIDIARY PROPOSAL

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