Now Florentino Perez has been voted in as Real Madrid president, the question arises: will he follow up on his big election promise?
In the boldest play of his campaign, Perez said he would try and pull off “the biggest transfer in all Real Madrid’s history” if members chose him over rival candidate Enrique Riquelme at the ballot box on Sunday.
The 79-year-old, speaking on Spanish TV show Horizonte on Thursday night, said he would make a bid for a player at a “big Champions League club” who would cost “at least €150million (£129.5; $173m)”.
Who was this mystery transfer target?
When pressed further Perez added: “It’s not (Erling) Haaland. But it’s a total galactico.”
In response to the names of Michael Olise, Jeremy Doku and Harry Kane being mentioned, Perez also said the player he had in mind was a midfielder or striker not at a Premier League club. He was more eager to remind viewers of the many stars Madrid have signed on his watch over the years, including Luis Figo, Zinedine Zidane, David Beckham, Kaka and Cristiano Ronaldo.
The idea of going after the game’s biggest names is a familiar answer to football’s problems at the Bernabeu — and it will have done Perez’s ratings no harm, especially as he was responding to Riquelme’s own claims about signing Haaland and Rodri.
But there’s also a different question here: What should Madrid actually do, assuming they have that money to spend?
Fix the midfield? Strength in depth at the back? Or do they launch a glorious new galactico age (kind of) and go after Barcelona’s brightest star?
We asked some of The Athletic’s writers…
This is not the summer for Perez to go all galactico again. If the choice was spending the entire budget on Olise or spreading it across the squad, the latter would be the smarter option.
The 24-year-old Bayern Munich winger has developed into one of the most productive attackers in world football, registering more than 50 goal involvements across all competitions this season and establishing himself as an elite creator. But this Madrid squad is already overflowing with match-winners.
Kylian Mbappe, Vinicius Junior, Jude Bellingham, Rodrygo and Arda Guler can all decide games, but since Toni Kroos retired in July 2024, there has been a void at the heart of Madrid’s midfield. The club still possesses athleticism and individual brilliance, but lacks the ability to dictate the tempo of a game.
A player like Joao Neves, the 21-year-old Paris Saint-Germain and Portugal midfielder, would make far more sense than another attacking star.
Neves in action for PSG against Arsenal in the Champions League final (Nicolas Tucat/ AFP via Getty Images)
Conceding 20 goals and keeping only four clean sheets in the Champions League last season highlighted Madrid’s vulnerability. Ibrahima Konate appears destined for the Bernabeu when his Liverpool contract expires, adding quality to the backline. Neves in front of them would add another, much-needed, layer of protection.
Amelie Claydon
You go full Figo.
You say: Barca, congratulations on your revenue generation, but how’s the debt looking? Maybe we can help you pay it down a little. What do you reckon? Lamine Yamal. €150million. It isn’t a record fee. It isn’t Neymar money. And look, if we do reach an agreement, don’t go and spend it all at once, eh? Remember how you made a mess of replacing Neymar with Ousmane Dembele and Philippe Coutinho. The Coutinho deal. My God. I know this won’t go down well with the socios, Joan. I know Lamine probably won’t like it, either.
Yamal pictured in the stands with Spain during their friendly against Iraq on Thursday (Florencia Tan Jun/Getty Images)
But think of the content. Think of the Netflix docs. Think of the sales of pigs heads down the butchers. This is an absurd suggestion. This is totally unserious. And yet this is Real Madrid and we do it anyway.
Hala Madrid y nada mas. Yours, Flo.
James Horncastle
Warning: this opinion has been heavily shaped by far too many hours spent scrolling through social media. But actually, I think it might just make sense.
If I were Perez, I’d be fully aware that making an offer of such magnitude for a player is more than just a transfer move — it’s a statement of intent to everyone around you. So, if we’re going to play this game, let’s play it aggressively.
I’m not going to go as far as my colleague above and suggest a Figo 2.0, but I would do something that would also irritate Madrid’s rivals. Before Barcelona manage to convince Atletico Madrid’s executives to sell Julian Alvarez, I’d make a bid for him myself.
Barcelona are targeting Alvarez as they need a new No 9 to replace Robert Lewandowski (Adrian Dennis / AFP via Getty Images)
That would force Barca into a bidding war, and perhaps even push them into mortgaging their future once again — or abandoning the pursuit altogether.
In the best-case scenario for Madrid, Atletico would end up hurting themselves, too. In order to stop Alvarez from joining Barca, after growing frustrated with the Catalans’ persistent courtship throughout the season, they might ultimately have to sell him to their other great rival instead.
Guillermo Rai
Real Madrid have the global stars who are easy on the eye, but their soft underbelly has left them trophyless for successive seasons. They need new players to provide some grunt, too.
A right-back to compete with Trent Alexander-Arnold is vital, with Dani Carvajal departing after 23 years. Real Sociedad’s Jon Aramburu played 35 times in La Liga last season, has similar traits to Carvajal and would have the space to develop as Alexander-Arnold takes centre stage.
The 23-year-old is a Venezuela international but they are not at the World Cup, so that deal could be done early.
He would be on the cheaper end of Madrid’s targets so what about going after Manchester City’s Ruben Dias? The 29-year-old Portugal centre-back has three years left on his contract and returning manager — and compatriot — Jose Mourinho will know all about his talents. His sides formulate around defensive leaders.
Ruben Dias, pictured playing for Manchester City in February (Kate McShane/Getty Images)
And despite Kylian Mbappe leading the way with 25 goals in La Liga last season, and Vinicius Junior’s 16, Madrid still scored 18 fewer goals than champions Barcelona.
Serhou Guirassy scored four times and made four assists in the Champions League this past season for Borussia Dortmund, with 17 Bundesliga strikes to match. The 30-year-old Guinea international could provide the option Madrid have lacked since veteran Joselu left in the summer of 2024.
George Edwards
This has been a year of change at Real Madrid.
Xabi Alonso, a systems coach with strong ideas of a collective, replaced Carlo Ancelotti’s personal touch in the dugout in May 2025. By January, Alonso was sacked. It was the classic ‘carrot or stick’ cycle so often seen at top clubs; a man-manager does not bring enough discipline, before the disciplinarian does not bring enough man-management.
The signings of Dean Huijsen, Alvaro Carreras and Franco Mastantuono came at great expense last summer — north of €150million — which appeared to back Alonso’s specific demands. So below-par were each individually, none were selected for their nations at this summer’s World Cup.
There was, tellingly, no Luka Modric replacement. The year previously there was, tellingly, no Toni Kroos replacement. Madrid fans may argue the succession planning, or lack thereof, around Casemiro’s 2022 exit is still being felt. Martin Zubimendi was — inexplicably, given his profile and skill set — allowed to slip through Madrid’s fingers and join Arsenal last year.
Modric, Carlo Ancelotti and Kroos pictured on the eve of the 2024 Champions League final (Glyn KIRK / AFP via Getty Images)
An inability to control games and a fundamental absence of elite technical quality in midfield have seen Madrid suffer domestically and in Europe. Games are fun and unpredictable for neutrals, but that is no consolation to trophy-hungry madridistas.
The Bernabeu dressing room is fractured and toxic. Jose Mourinho has been identified to amend that, a manifestation of the unique pressures that come when a club of this scope stops winning.
Paris Saint-Germain duo Joao Neves and Vitinha might not be on the market, but Madrid must identify players of this ilk to address their issues, rediscover balance, and, they hope: trophies. Unlike previous changes, it must be more than just cosmetic.
Colin Millar
If I had €150million and I was Real Madrid president (which may or may not ever happen) I’d spend the money on a new midfield organiser to fill the gap in the squad left by the departures of Kroos and Modric in recent years.
Vitinha would be the obvious guy to go for, although PSG are unlikely to want to sell. Pedri or Gavi from Barcelona would also be great, although even more difficult to prise away.
This street artwork by TV Boy was appeared outside the Bernabeu in May (Oscar del Pozo)
Having said that, if I were Madrid president, I wouldn’t be appointing Jose Mourinho either. And maybe a team coached by Mourinho would have less need for a patient, deep-lying playmaker.
This Madrid already look close to strengthening with the signings of Konate and Denzel Dumfries from Inter, and they would still be perhaps better off going for another big commanding centre-back, somebody like Arsenal’s William Saliba or Gabriel, although again, neither might be available.
Dermot Corrigan
