One voice still rules at Real

Real Madrid’s 2014/15 season so far has been full of drama and pandemonium, but the club’s AGM yesterday was as serene as could be for club president Florentino Perez.

Perez presented Madrid’s annual accounts at the carefully choreographed event at the Estadio Santiago Bernabeu, and drank in acclaim from the club socios (members) present, while paying tribute to recently deceased Blancos legend Alfredo Di Stefano, and recalling the Champions League win last May.

It was as if the intervening few months had never happened. There was no sign of upset at the summer sales of Angel Di Maria and Xabi Alonso, or the rocky start to the campaign, which has seen two losses to city rivals Atletico Madrid and home fans whistling long-serving club captain Iker Casillas.

Florentino’s prepared comments included details of Madrid’s financial situation, with the club’s total annual income rising to €604m, a profit after tax of €35m, and operating football budget for the 2014/15 season of €520m. The figures mean Real Madrid remains the world’s biggest sporting institution, the socios were told.

“We have achieved financial leadership, which allows us to make big sporting bets,” Perez said.

“We are the leading club for income for a 10th consecutive year, during a difficult situation in Spain. That is key for Real Madrid to remain being owned by its members. That financial leadership allows us to keep growing. How can we question that if we have the admiration of the world?”

Inside the meeting, nobody was asking any questions despite local sports paper AS having looked more closely at the accounts and found that Madrid’s debts are now €602m, having increased 11.3% over the last year.

The need to regularly service such debts is perhaps why Di Maria had to be sacrificed in order to bring in a Galactico in World Cup star James Rodriguez. Other reports ponder the timing of Madrid spending €80m on Colombia’s best player as Perez’s construction company ACS agreed a €692m dealto build a motorway in the South American country.

At a pre-AGM event last week, the former conservative politician, 67, compared his critics to the club’s now banned hardcore Ultras Sur supporters group, while saying he had no intention of stepping aside.

“35% of ACS’ business is in Australia and there is no Australian in the squad,” Perez said. “This is information put forward by thugs and delinquents. The more they call on you to resign, the more motivated you are to continue. What most feeds that motivation are those who want to take over the club and who try to intimidate me.”

There was no need for Perez to worry about any real challenge yesterday. While his popularity with match-going fans has slipped due to these issues, his support among the voting socios remains rock solid.

This year’s accounts were approved with 888 votes in favour, six against, and two abstentions.

The club’s 2014/15 football budget was also easily approved: 888 voted in favour, three against, and 17 abstentions. There was also no opposition voiced to Perez’s €250m project to renovate the Bernabeu, despite the plan’s details having been challenged by both the Madrid courts and the European Commission. A decision to cut funding to the club’s youth system has also gone unchallenged.

The contrast with Barcelona is striking. In January, a court case brought by a disgruntled club member led directly to Sandro Rosell resigning as president. Rosell, and his successor Josep Maria Bartomeu, were in court just last week asking for former blaugrana chief Sandro Rosell to be held responsible for financial mismanagement during his years in charge.

Such messy infighting is common at the Camp Nou. Meanwhile, for better or worse, just one voice rules at the Bernabeu.