Real Madrid are considering creating a subsidiary that would allow external investors to buy a stake of around 5% in the world’s most valuable football club, its president, Florentino Perez, said on Sunday.

Madrid’s members will be invited to vote on the proposal that would require a change to its statutes at an extraordinary general meeting in the near future, Perez said at the club’s annual meeting.

He also said the current ownership-by-members model would remain intact and that being a member would now have “a real and tangible value.”

“If someone is willing to invest significant amounts of money for a symbolic stake, this is the greatest demonstration of Real Madrid’s value,” Perez told the club’s members in an hour-long speech repeatedly interrupted by applause.

“This investor – o

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