Enrique Riquelme, an Alicante businessman and president of Cox, a renewable energy company, has secured the backing of banks to run in the Real Madrid elections. According to financial sources, just 10 hours before the deadline for submitting candidacies, Riquelme signed a guarantee of 193 million euros with Andbank, fulfilling the club's statutory requirement to provide financial security equivalent to 15% of the annual budget.
Complex Negotiations and International Support
The guarantee was not immediate. After several days of negotiations, the agreement with Andbank was finalized on Saturday midday. The entity requested cross-guarantees from international banks where Riquelme deposits his personal fortune, including the Canadian Scotiabank. His main asset is a 65% stake in Cox, valued on the stock market at approximately 700 million euros, within a company whose total value is around 1.1 billion.
The process proved particularly complicated because major Spanish banks such as Santander and BBVA refused to guarantee the operation, despite their previous history of financing the company, including a 4 billion credit for the acquisition of Iberdrola's assets in Mexico. Finally, it was the Spanish subsidiary of Andbank, linked to its Andorran parent company, that provided the required backing, thus complying with Real Madrid's statutes.
International Trajectory and Financial Experience
Riquelme has consolidated relationships with major international entities such as Citi, Deutsche Bank, Goldman Sachs, and Barclays, which have participated in Cox's strategic operations, including the company's stock market listing at the end of 2024 and the aforementioned acquisition in Mexico. The relationship with Scotiabank dates back to the same period, strengthening his financial profile in the face of the club's requirement.
Official Confirmation of Candidacy
After weeks of uncertainty, the businessman decided to formalize his intention to run this Thursday, and his candidacy is expected to be officially submitted early Saturday afternoon, ensuring his participation in the Real Madrid elections. The move reinforces the perception of a more competitive electoral contest, where club members will have to choose between the continuity of Florentino Pérez and Riquelme's new proposal.