Marca: Florentino to begin selling club shares today, requires member referendum approval

According to the latest report from Marca, Florentino will initiate a plan today to sell a portion of the club's equity, which requires authorization from members through a referendum.

Reportedly, Florentino celebrated his election victory, but the campaign continues. Starting today, he will initiate the plan to sell a portion of the club's equity, for which he needs prior authorization from Real Madrid members through a referendum.

This means he will once again submit to the verdict of the ballot... and he knows that more than 30% of members have already expressed their opposition to him. Apart from confirming the sale of a portion of the club's equity, Florentino did not reveal further details.

He needs to specifically announce how the sale will be conducted, to whom, the proportion of equity, and what corporate governance model will be submitted to the referendum. However, he has repeatedly emphasized the necessity of reforms, which, according to him, are to ensure the club continues to belong to its members.

At the General Assembly in November, Florentino announced his plan to hold a referendum but did not elaborate much on the core content of the matter. So, how many affirmative votes does he need to secure in the referendum?

The club's statutes stipulate the following: "Considering the club's objectives and its legal nature, its transformation, merger, or dissolution can only take place after obtaining the absolute majority consent of members entitled to vote in a referendum convened for this purpose by a special general meeting of shareholders."