Florentino Perez has raised the stakes in Real Madrid’s fiercely contested presidential election by promising to unveil what he called the club’s “first big signing for next season” on Thursday, a move widely seen as an attempt to seize the initiative in the final stretch of the campaign.

Club members will choose their president in Madrid’s first genuinely competitive vote in two decades, with the 79-year-old incumbent facing a serious challenge from businessman Enrique Riquelme, 37. The ballot will determine not only who runs the club, but also the direction of its sporting and financial model for years to come.

Speaking to Spanish newspaper El Espanyol, Perez said his project remains rooted in star power and sustained success. “Everyone knows my sporting project: having the best players, and carrying on winning,” he said, adding that the first marquee arrival for next season will be revealed on Thursday. The declaration comes amid reports that Real Madrid are close to an agreement with French defender Ibrahima Konaté, now a free agent after leaving Liverpool.

The coaching position is also at the heart of the campaign. Multiple reports have linked Jose Mourinho with a dramatic return to the Bernabéu, where he previously coached from 2010 to 2013. Perez declined to confirm those stories but hinted that clarity is imminent. “Soon I’ll announce who Real Madrid’s new coach will be,” he said. “We’ll have more names before Sunday, don’t worry.”

Riquelme, seeking to unseat Perez, has tried to counter with his own sporting vision. He has pledged to appoint club icon Raúl González as sporting director if elected and has publicly identified Manchester City midfielder Rodri as “the kind of player who has to play for Real Madrid,” signalling a focus on building a spine of prime-age, elite professionals.

Beyond the touchline and transfer market, the election has exposed a deep philosophical divide over ownership. Riquelme has attacked Perez’s proposal to sell a five per cent stake in Real Madrid to an external investor, arguing that it threatens the club’s traditional member-owned structure.

Perez insists his plan would strengthen, not dilute, the socios’ role. “With me, Madrid will always belong to its members,” he said. He outlined an ambition for members to hold not only “emotional wealth” but also inheritable financial rights, promising that any structural reform would be debated and put to a referendum of the entire membership.