Perez, who signed Real Madrid's galacticos, quits

28th February 2006, Comments 0 comments

28 February 2006, MADRID — The president of Real Madrid, Florentino Perez, resigned as head of the world's richest football club.

28 February 2006

MADRID — The president of Real Madrid, Florentino Perez, resigned as head of the world's richest football club.

"We believe that Real Madrid needs a change," he said. "This is the right time for me to leave the presidency. I am convinced that it can be the jolt the club needs."

The departure of Perez comes after the squad suffered two consecutive defeats, falling at home last Tuesday in a European Champions League match with English powerhouse Arsenal; and blowing an early lead to lose Sunday's Spanish league match against Mallorca.

Last Sunday's setback leaves the club in third place in Spain's first division, 10 points behind their bitter rivals, Barcelona.

Earlier, Real Madrid were eliminated by Zaragoza from the prestigious King's Cup tournament.

Perez, who will be 59 next week and is the CEO of construction firm ACS, took over as club president in July 2000.

He promised to make a team full of 'galacticos' – the best players in the world – and soon signed up Figo, Zidane, David Beckham, Ronaldo and Roberto Carlos.

During his tenure, Real Madrid won two Spanish league crowns, a European Champions League cup championship and an Intercontinental Cup, among other laurels, and supplanted Manchester United as the world's wealthiest soccer club. But the last title was in 2003.

Perez, who announced that his successor will be Fernando Martin, said that his resignation represents "a much-pondered decision" and one which is consistent with his conduct at the helm of Real Madrid for more than five years.

[Copyright EFE with Expatica]

Subject: Spanish news

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