Welcome to the latest edition of Inside Real Madrid, our weekly series to follow throughout La Liga’s 2025-26 season, after Spanish football returned following its winter break.
Every week, we will bring you key information and analysis on the biggest talking points, cutting through the noisy world of all things Madridista with reporting you can trust.
The information contained in this article reflects multiple conversations with various sources at Madrid, all of whom spoke anonymously to protect relationships.
What’s the biggest talking point at Real Madrid right now?
Everyone is talking about Gonzalo Garcia.
The 21-year-old striker led Madrid to a 5-1 victory against Real Betis with a spectacular hat-trick in the first match of the year at the Bernabeu. It was a perfect hat-trick: he scored with a header in the 20th minute, a right-footed volley in the 50th minute and completed his hat-trick with an impressive backheeled goal with his left in the 82nd minute. He is the first Madrid academy graduate to score a hat-trick since Raul in 2009.
It helped alleviate some of the pressure on head coach Xabi Alonso, who now has four consecutive wins in all competitions and three in La Liga. Madrid are four points behind top-of-the-table Barcelona before this week’s Supercopa de Espana, which will be held in Saudi Arabia.
“It was a big game for Gonzalo,” Alonso said. “He is a great example of what an academy player is, he deserved the opportunity. I encourage him to keep it up.”
The win against Real Betis eased some of the pressure on Xabi Alonso (Alberto Gardin/NurPhoto via Getty Images)
Gonzalo extended his contract in August and has only been a first-team player for a few months. That followed an impressive Club World Cup in the United States, where he finished as top scorer with four goals, taking advantage of Kylian Mbappe’s absence due to illness.
With Mbappe now out with a knee injury (more on that below), Gonzalo seized his opportunity again. He excelled without the ball but proved to be an important reference point in attack for a Madrid side who looked far more threatening than in previous games.
Twenty players have featured more than Gonzalo for Madrid this season (he has played 418 minutes), which is why clubs in England, Germany and Spain had enquired about his situation. But as The Athletic reported in November, the club and Alonso’s idea is for the Spain Under-21 international to stay until the end of the season, especially after Endrick’s loan move to Lyon.
Gonzalo received a standing ovation from the Bernabeu when he was replaced by Fran Garcia in the 88th minute.
How are the vibes at the Bernabeu with Alonso’s team?
While the Bernabeu saw several tense matches between November and December due to poor results and displays, this time the atmosphere in the stands was a little calmer — but not entirely.
It was one of Madrid’s most complete matches in attack. Even two defenders, Raul Asencio and Fran Garcia, got on the scoresheet — the first time five goals have been scored by Madrid academy players in a single match since 1989.
Coaching sources were also pleased with the improvement from attacking set pieces, which have yielded three goals in the past two matches.
But the Bernabeu was not entirely satisfied. When Madrid’s players relaxed in defence in the second half, Cucho Hernandez’s goal reduced the deficit and they were booed twice as Betis came close to making it 3-2.
The most notable criticism was reserved for Vinicius Junior, who was whistled when he was substituted in the 77th minute. “We understand the situation: Vinicius is mature, we are mature, and we have to respond,” said Alonso.
Vinicius Junior was once again jeered at the Bernabeu (Florencia Tan Jun/Getty Images)
Voices on the coaching staff hope this resounding win will serve as a catalyst for the Supercopa de Espana, which begins with the semi-final against Atletico Madrid on Thursday, which those sources describe as an “early final”. If they beat their city rivals, Madrid will face the winner of Barcelona vs Athletic Club in the final on Sunday.
With the atmosphere still gloomy inside the club, those same sources are unsure what decision the club might take on Alonso’s future if they were to lose to Atletico. Madrid were beaten 5-2 in the first derby of the season in September and the Supercopa adds the pressure of a potential trophy.
What might we have missed?
The Athletic reported on Sunday that Mbappe is not expected to be available for the Supercopa semi-final against Atletico due to injury, with uncertainty about whether he could feature in the final should Madrid progress.
Madrid announced on December 31 that the France captain had sprained his left knee, with club sources saying he had been playing with discomfort in that area for weeks.
Beyond Mbappe’s absence, there are concerns about other injured players. The latest to be sidelined was Dean Huijsen, who missed the Betis game with muscular discomfort, but the former Bournemouth defender has trained today and is expected to be available for the Supercopa tie against Atletico.
The board is very concerned about the high number of injuries the team is suffering — also an issue last campaign — and has decided to hand doctor Niko Mihic a more important role.
Mihic, a Croatian doctor in whom president Florentino Perez places a lot of trust, was sidelined from his role as head of medical services at the end of November 2023, although club sources say he never stopped advising Madrid. That followed a spate of injuries that caused friction within the squad.
Felipe Segura was promoted from his role as one of the club’s doctors at the time, but Mihic remained affiliated to the club and in particular to Perez. He reported for duty on Saturday as Madrid’s head of health and performance and will now be responsible for overseeing all medical matters.
Endrick will have to wait for his Lyon debut (Olivier Chassignole/AFP via Getty Images)
While Gonzalo shone at the Bernabeu, Endrick was unable to make his debut with Lyon as French regulations state a player must wait four days from the time a transfer is registered until they can feature for their new club.
The 19-year-old Brazilian striker will wear Lyon’s No 9 in a game for the first time on January 11, against Lille in the French Cup.
The Athletic has learned that Madrid and Lyon reached an agreement for a loan without an option to buy, with each club paying half of Endrick’s salary. The French side could pay up to €1million (£900,000; $1.2m) for Endrick but, for every five games he starts, Lyon will have to pay €200,000 less. That means Lyon would not pay anything if Endrick starts 25 games.
Reports have linked Franco Mastantuono with a possible exit this winter. The 18-year-old Argentina midfielder was sidelined with groin pain in early November and has lost prominence after being a key player early in the season. But the €63million summer signing wants to stay, according to sources close to him.
What are we hearing about the future of Real Madrid’s ownership?
Real Madrid have continued to study how to modify their ownership model, having been owned solely by their members or socios for all of their 123-year history.
At the latest general assembly before Madrid’s 2,620 socios compromisarios (representative members) on November 23, Perez publicly announced a plan to change the club’s ownership model to allow external investment for the first time in their history. He announced he would call an “extraordinary assembly” at which around 2,000 compromisario socios would have the chance to vote on the proposal to change the club model in a referendum.
Madrid senior sources say this is expected to happen before the summer. While no dates have been set, it is possible that the extraordinary assembly could be held in March or April and the referendum on the club’s ownership a month later. If external investment were approved, that would mean Madrid could close out the financial year in June with the new ownership model.
Before that referendum is held, the club are considering changing the statutes for the extraordinary assembly so that not all of the club’s 98,272 members over 18 years old need to vote. One of the scenarios being contemplated is that only two-thirds or a majority of that number would need to turn out.
Those advocating for change say the club’s members model no longer makes sense, given it generates more than €1billion in revenue.
One idea being seriously considered is for Madrid to become a holding company (sociedad anonima), with several companies within it — such as a public limited sports company (SAD) for the football section and another for basketball, as well as others, such as the Bernabeu stadium.
The club believe Real Madrid could be valued at around €10billion, and the idea of selling five per cent or 10 per cent to external investors remains on the table. In this way, they say the door could be left open to the sale of a higher percentage of the club if necessary after Perez’s exit (whose presidential term runs until 2029).
The idea of the new investor having an independent member representing them on the board of directors is also being considered. However, the position of CEO would continue to be held by someone within the club, as the members would continue to be the majority owners with 90 or 95 per cent of Madrid.
And while this is all in the very early stages, the same sources have mentioned to The Athletic that potential investors that could be sounded out include American funds linked to sport or large European companies. Club sources do not rule out accepting an offer far above their market value for that stake of 5-10 per cent from another market.
The club remain optimistic the proposal will go ahead, given Perez’s popularity among Madrid’s members.
Any sale of a stake in Madrid would be a significant financial boost for the club, but the voices consulted say they want it to be beneficial for members as well. One argument the club want to put forward to members is that they would receive direct compensation for any positive financial results.
