Florentino Perez described Raul and Iker Casillas as 'the two great scams of Real Madrid' in a 2006 conversation that was taped and has now been revealed.
His scathing criticism of the two club legends came in a private conversation in September 2006, six months after his first tenure as president came to a close.
Perez accused striker Raul of 'destroying' Real Madrid through his negativity and blames him for his exit earlier that year, while Casillas is described as a 'great failure'.
He added: 'The two great Real Madrid scams are Raul first and Casillas second.'
Spanish website El Confidencial have published the conversation from 15 years ago and it is likely to cause embarrassment for Perez, who returned to the presidency in 2009 and remains in post.
Raul is the current manager of Real Madrid Castilla, the club's reserve team, and so is an employee of Perez. The 74-year-old has yet to respond to the tape.
Perez resigned from the post of Real Madrid president on February 27, 2006 having come in for criticism for focusing too much on the club's worldwide brand appeal as opposed to success on the pitch.
The conversation that has come to light came in September of that year, after Ramon Calderon had succeeded him as president.
About Casillas, the Spanish goalkeeper who played 725 matches for the club, Perez is reported to have said: 'He is not a goalkeeper for Real Madrid. He is not and he never has been. It has been the great failure we have had.
'What happens is that they [the fans] adore him, they love him, they talk to him. I don't know why they defend him so much.
'Well, it's one of the great frauds, the second is Raul. The two great Real Madrid frauds are Raul first and Casillas second.'
Perez then elaborates on his criticism of Spanish striker Raul, who scored 323 goals in 741 matches for the club. He is Real's second-highest goalscorer of all-time and their highest appearance maker.
'Raul is bad, he believes that Madrid is his and uses everything that is in Madrid for his own benefit,' Perez said.
'He is a negative figure, he is destroying Madrid and the morale of the players so that they say: "It is Madrid that is bad, not Raul." It is terrible how bad the boy is.'
Raul has been manager of Real Madrid Castilla for two years having formerly coaches the under-15 side.
The revelation comes at a time when Perez is under fire for his prominent role in efforts to establish a European Super League earlier this year in direct competition to UEFA's Champions League.
At the beginning of July, a Spanish court ordered UEFA to cancel all legal sanctions imposed on Real, Barcelona and Juventus, the three clubs of the original 12 participants who didn't formally disavow themselves of the Super League project.
The trio have still been admitted into the Champions League in the season ahead despite UEFA threatening to exclude them from their competitions as a punishment.
AkmalKabeer
496
You can troll him or criticize him, but undoubtedly he is THE G.O.A.T of presidents
Tiddeklors
490
the media is trying to do anything to put perez in trouble
phamouxxxguy
458
I was really touched with this pics
Brightberry
447
Raul and Casillas lawyer going to Pezer house to ask him some questions!! ๐๐
Liwcimruy
400
In my native language, there is a saying: "If your hand puts you in, your mouth can rescue you but if your mouth puts you in, nothing can rescue you[Crylaugh][Crylaugh]
Teddymiles
331
Perez to @afy haha ๐
shivam1810
312
N0_N0NsENSE
280
Real madrid fans right now [Crylaugh][Crylaugh]
pulkit_10
239
Perez's treatment of legends is as difficult to understand as this
D10S_LM10
120
Perez after knowing his video is leaked ๐๐
AravLionel
104
If you say Casillas as bad and scam, then you are referring yourself as bad because he is loved by everyone including me.