Real Madrid are the best-run club in world football, aren't they? They are serial winners, emerging victorious from six of the last 11 Champions League finals, and the trophy cabinet at the Santiago Bernabéu boasts 36 LaLiga titles and 15 European Cups among countless others. They have defined elite performance for decades, and maintained that success in this challenging, 21st century era of mega-rich investors and state-sponsored super clubs.
Under the shrewd management of president Florentino Pérez and director general José Ángel Sánchez, Madrid have built a new team packed with a mix of up-and-coming and ready-made stars: Vinícius Júnior, Jude Bellingham, Kylian Mbappé, Federico Valverde, Eduardo Camavinga, et al. They have done so while continuing to turn a profit, even when earnings were hit hardest by the COVID-19 pandemic.
In the past five years, they've been able to build a state-of-the-art, €1 billion stadium in the heart of the Spanish capital without compromising the team's on-field success, minimising disruption for fans by staying on site -- unlike rivals Barcelona's temporary switch from Camp Nou to Montjuïc -- while accumulating only long-term, manageable debt.
But this season, Madrid's reputation for near-flawless management has taken a hit. On the pitch, the team has struggled. They're six points behind LaLiga leaders Barcelona and 18th out of 36 teams in the new-look Champions League table. Long-awaited star signing Mbappé's integration has been far from seamless, with critics blasting his modest goal-scoring return, off-the-ball work-rate and its knock-on effect upon other key players.
The construction of the squad has been scrutinised, with an injury crisis leaving the team short in defence and the midfield underpowered following the unexpected retirement of mainstay Toni Kroos. And talking of construction, the new Bernabéu's status as a proposed 365-day-a-year entertainment hub has been called into question, after neighbours' concerns over noise forced the club to put concerts at the venue on hold until mid-2025.
Internationally, Madrid's decision to angrily boycott the 2024 Ballon d'Or ceremony last month, when Vinícius missed out on the men's award, was met with bemusement. And in the background, there's the unresolved standoff with UEFA over the dormant Super League project. Overseen by Pérez, the initial launch and subsequent aborting of the breakaway was widely viewed as a PR disaster, but has since received some judicial backing.
Pérez is expected to address all these topics in his speech to members at Real Madrid's annual general assembly (AGM) on Sunday, taking a typically robust approach to the club's critics. There have also been suggestions that he will present proposals for changing the club's membership-based ownership structure, one of its defining features since its foundation.
The combined impact of these on- and off-field issues leaves Madrid looking vulnerable, and uncertain, in a way that this historic, often all-conquering club isn't used to.
The Squad
OK, so Real Madrid's 2024-25 season hasn't been that bad. It's November, they're second in LaLiga, six points behind Barcelona, with a game in hand. In the Champions League, they're mid-table, on six points after four games -- the same as Bayern Munich, AC Milan and local rivals Atlético Madrid -- with every chance of progressing to the knockout phase.
But this is Real Madrid, where second-best isn't good enough, let alone mid-table. The team's overall standard of play has set alarm bells ringing since the start of the season -- they looked toothless in 1-1 draws at Real Mallorca and Atlético, failing to create a single big chance in either game, for an xG (expected goals scored) of 0.6 and 0.76 respectively. Then two back-to-back defeats in 10 days, 4-0 at home to Barcelona and 3-1, also at home, to AC Milan, sent Madrid into full-blown crisis mode.
In defence, midfield and attack, there are unresolved issues. A string of injuries, most notably season-ending ACL tears to both Dani Carvajal and Éder Militão, has left the team understaffed in defence. There is no adequate replacement for Carvajal -- back-up Lucas Vázquez is out for a month, anyway -- while at centre-back, captain Nacho's departure in the summer means Antonio Rüdiger is the only available, top-level option until David Alaba returns to fitness.
Multiple sources told ESPN that the squad's weaknesses had already been identified, but not remedied, in the summer. Coach Carlo Ancelotti is a club man, refusing to complain in public, but sources said that his requests for reinforcements during the last transfer window were ignored. Mbappé and teenage forward Endrick were the only summer additions. A deal for defender Leny Yoro was hijacked by Manchester United, with Madrid unwilling to match the financial package offered by the Premier League club.
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Hislop slams Real Madrid 'pettiness' for Rodri winning Ballon d'Or over Vinícius Jr.
The lack of alternatives available to Ancelotti means his remaining players have been overused. Rudiger has already played 997 (of a maximum 1,080) minutes in LaLiga this season. Militão had played 940 before his injury against Osasuna on Nov. 9. Multiple sources within the club told ESPN that they believe Militão's injury was a result of being overworked, having previously suffered an ACL tear in his other knee a year earlier.
In midfield, Madrid can field an impressive array of talented players -- Bellingham, Valverde, Camavinga and Aurélien Tchouaméni would play for any top club in Europe -- but none can replicate Kroos' skillset. As a result, 39-year-old Luka Modrić, who was eased out of the team last season, has played 593 minutes -- five starts, and seven substitute appearances -- to become the oldest player ever to represent the club. Tchouaméni in particular is out of form, under pressure from fans, and now injured again.
In attack, Mbappé has underwhelmed, and his unwillingness to track back has been contagious. The team's collective defensive solidity, a hallmark last season as they cruised to a LaLiga/Champions League double, has been undermined. In four Champions League games so far, Madrid's opponents have managed 26 shots on target. Only six of the league phase's 36 teams have conceded more. The figure compares to Arsenal's six shots on target against, Bayern Munich's nine, Manchester City's 11 and Barcelona's 14.
Compounding the above is the club's stubborn refusal to stray from their long-term strategic plan for signings, or react to circumstances. Sources have told ESPN that Madrid are now reluctantly looking to strengthen their defence in January, although there's a recognition that recruiting the calibre of player the club would usually target may not be possible until next summer, when Trent Alexander-Arnold and Alphonso Davies would be available on free transfers. And while defensive signings might help in the short-term, they won't resolve the issues higher up the pitch, or off it.
The Stadium
The website for the newly rebuilt Santiago Bernabéu makes a bold claim: "Anything you can imagine will happen here." Except, it turns out, hosting concerts.
Part of the rationale for the stadium's ongoing redevelopment -- which began in 2019 at an initial cost of just over €1bn (eventually rising to around €1.75bn), with interest to be repaid over 30 years -- was the promise to make this much more than just a football stadium. The new Bernabéu would be a world-class venue for other sporting and entertainment events -- promotional materials included images of the stadium holding NFL and NBA matches, tennis tournaments and concerts -- generating year-round income, and helping to repay those spiralling costs which had initially been estimated at just €525m.
To help achieve these goals, Real Madrid signed a deal with investment firm Sixth Street and event specialists Legends in 2022, handing over 30% of the club's income from events at the Bernabéu in exchange for a €360m fee and the benefit of Legends' experience in hospitality.
A first, trial concert was held at the stadium on April 26, 2024. Then Taylor Swift brought her "Eras" tour to Madrid for two nights in May, before Reggaeton star Karol G broke records with a four-night stint at the Bernabéu in July. But by then, frustration from neighbours over noise levels and antisocial behaviour associated with the concerts was already making headlines.
