Florentino Perez admitted he has two managers in mind but said he hasn’t spoken to Mourinho yet, and Real Madrid fans don’t know what to believe

Real Madrid president Florentino Perez has denied making any contact with Jose Mourinho over the manager’s role at the club. As detailed by TNT Sports, Perez confirmed he has two potential candidates in mind but refused to identify either, saying only, “I haven’t spoken to him yet.” The comments came as speculation about a Mourinho return had been growing steadily across Spanish football media.

Perez did acknowledge Mourinho’s coaching record, calling him “a good coach, clearly,” while stopping short of confirming any formal approach. He explained that he would not make an announcement because no conversation had yet taken place. The remarks amount to a classic holding position, neither ruling Mourinho in nor out.

The uncertainty has been compounded by a presidential election that is now proceeding at the club for the first time in over two decades. Real Madrid failed to win either La Liga or the UEFA Champions League this season, and the optics around star forward Kylian Mbappe have been described as “terrible” amid internal fights and a painful El Clasico defeat to Barcelona. The combined pressures triggered the democratic process that Perez now faces.

The election is reshaping Madrid’s managerial timeline

The challenger is Enrique Riquelme, a 37-year-old entrepreneur from Alicante and a lifelong club member who is the founder and executive chair of the Cox Group, a conglomerate in water and renewable energy with a market valuation exceeding €1 billion (around $1.08 billion). His last-minute entry into the race prevented Perez from being automatically re-elected on May 24, forcing a formal vote. Club statutes require that when multiple candidates are registered, a ballot must be held within 15 days, placing the expected election date on Sunday, June 7.

Perez responded sharply to Riquelme’s candidacy, linking him to what he called the most damaging period in the club’s history under former president Ramon Calderon. He also questioned Riquelme’s financial standing, claiming the challenger had taken out a loan at 54 percent annual interest and suggesting the bid was motivated by business interests rather than sporting ones. Riquelme, for his part, has largely avoided making bold promises, calling Perez the best president the club has ever had while emphasizing that his campaign is not built on opposition.

The election has created a direct complication for the Mourinho situation. A deal was reportedly agreed in principle on a two-year contract with a performance-based third-year extension, but the active election period has put the paperwork on hold. Amid World Cup preparations dominating the broader sports calendar, the timing of the delay has been particularly costly for Madrid. Mourinho’s release clause at Benfica carried a strict deadline that has now passed, with reports indicating it has risen from €7 million (around $7.6 million) to €15 million (around $16.3 million).

Real Madrid is structured as a member-owned sports association with roughly 100,000 socios who elect the president every four years. Any eligible member meeting specific criteria, including 20 consecutive years of membership and the ability to personally guarantee 15 percent of the club’s annual budget (roughly €187 million, or around $202 million), can trigger a ballot. Riquelme met those criteria before the May 23 deadline, making this the first contested vote in approximately 20 years.

Perez enters the election as the most decorated president in the club’s history with 37 major titles, surpassing Santiago Bernabeu’s record of 32. He has served for over 22 years across two stints, first from July 2000 to February 2006 and again from June 2009 to the present. Despite the turbulent season and a rival candidate whose recovery journey has drawn comparisons to elite athletic comebacks, he remains the heavy favorite heading into June 7.

Interim manager Alvaro Arbeloa’s future at the club also remains unresolved, with conflicting reports suggesting he would not stay on under Mourinho, while others indicate he has spoken positively about the Portuguese coach.