Mourinho Hinges on Real Madrid Election and €15 Million Fee

Real’s campaign follows two trophyless seasons and Champions League quarter-final exits, prompting member discontent. Pérez, 79, faces entrepreneur Enrique Riquelme, who promises a training-ground hub and signings such as Erling Haaland and Rodri. Pérez has pledged Mourinho—who led Real to a record 100-point La Liga season in 2011-12—as his first appointment, while Benfica has already secured Marco Silva as his replacement. The €3 million release-fee deadline passed on 16 May, leaving the €15 million clause as the only path. Riquelme, backed by Raúl González and Fernando Hierro, also promises a new academy director.

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Benfica’s filing with Portugal’s CMVM confirms a €15 million (€17.4 million) termination fee, five times the earlier €3 million estimate. Mourinho’s 2011-12 Real side amassed 100 points and 121 goals, a La Liga record. At Benfica, he oversaw an unbeaten league campaign but finished third, missing Champions League qualification. Silva’s two-year contract includes an option for a third year after guiding Fulham to a Premier League finish. Real’s 2025-26 season ended without silverware, despite a squad with Kylian Mbappé, Vinícius Júnior and Jude Bellingham.

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Benfica’s CMVM notice states that Pérez intends to hire Mourinho, which would trigger the €15 million termination clause. Pérez told AS that Mourinho is among the world’s great coaches and will bring high competitiveness. Real’s communications affirmed the authenticity of Mourinho’s “Yes!” video, noting the clip aired on prime-time Spanish television. Riquelme’s platform includes a training-ground hub and promises to sign Haaland and Rodri.

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Analysts note Mourinho’s tenures at Roma, Fenerbahçe and Benfica yielded few trophies and some unrest. Real supporters are frustrated with the club’s form, and doubts persist about the video’s authenticity, which Reuters could not verify. Mourinho’s earlier Real spell ended with disputes involving Iker Casillas, Cristiano Ronaldo and Karim Benzema.

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Benfica’s release clause was earlier reported as €7 million, but the club now cites €15 million. Reuters’ visual analysis found the Mourinho video inconclusive, leaving its authenticity unresolved.

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“Mourinho is one of the world’s great coaches and he was very important for Real Madrid during his time with us,” — Florentino Pérez, Real Madrid President

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“The video is authentic and was recorded.” — Jesús Bengoechea, Spokesperson for Pérez’s campaign

The Straits Times

“Yes!” — José Mourinho, in campaign video

The Straits Times

“I assure them we will have a great squad and a very strong team, with new additions. We will strengthen every line of the team to compete for every title.” — Florentino Pérez, Addressing Real Madrid fans

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If Pérez wins, Mourinho will be appointed and the €15 million fee paid, with signings such as Ibrahima Konaté and Denzel Dumfries expected. A loss would keep the coaching vacancy open and Riquelme’s proposals in play. The result will influence Pérez’s standing among the global fanbase.

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