Real Madrid 2026 Transfer DealSheet: What does Mourinho want? How could elections affect plans?

Real Madrid have agreed a three-year contract with Jose Mourinho to become their next manager, but it remains an uncertain time behind the scenes at the Bernabeu.

Firstly, that appointment might end up costing them more than anticipated — thanks to a delay caused by Florentino Perez’s decision to call an unexpected presidential election.

That vote will take place on June 7 — with Perez to be rivalled by Enrique Riquelme, a 37-year-old renewable energy entrepreneur.

What does all this mean for Madrid’s summer transfer plans so far? Allow us to explain.

The information found within this article has been gathered according to The Athletic’s sourcing guidelines. Sources with knowledge of transfer dealings, who asked to be kept anonymous to protect relationships, have been spoken to before offering the clubs involved the opportunity to comment.

Who will make key decisions this window?

It will depend on who wins the presidential election on June 7.

Under Perez, who has been in charge since he returned to the club in 2009, Madrid have had a clearly defined structure for years. Chief Scout Juni Calafat prepares in-depth reports on potential targets, which he discusses with general manager Jose Angel Sanchez. When a decision is made to try to sign a player, Sanchez leads the negotiations, with Perez always kept in the loop and having the final say.

During the four years of Carlo Ancelotti’s second spell as coach, the Italian had little say in major decisions. Last year, Xabi Alonso was given a greater voice after his appointment from Bayer Leverkusen. It remains to be seen how much power Mourinho will have, but he has been planning with the club for weeks based on the positions he believes need strengthening.

Florentino Perez is being challenged for the Real Madrid presidency (Javier Soriano/AFP via Getty Images)

Before the election was called, Madrid held talks with Toni Kroos, who retired from football in 2024 after 10 years at the club, to bring him into their structure. His role at that time was not fully defined.

It is still not known who would make up the club’s sporting staff if Riquelme were to win next Sunday.

The 37-year-old has said that, under his leadership, Real Madrid would have a sporting director and that he would announce the person’s name during the election campaign. This has not yet happened.

Riquelme told The Athletic in an interview last week that he has already secured the signature of a sporting director — who Riquelme announced on Monday is the legendary former striker and Madrid youth-coach Raul — a coach with no prior history at the club and two star players.

What positions will they be looking at in the summer window?

The club and Mourinho agree on the need to strengthen the squad after two seasons in a row without winning any major trophies.

They are aiming to reinforce at right-back, with the aim of signing a second-choice player behind Trent Alexander-Arnold subject to their budget. They want a left-back who is ready to be a starter and at least one centre-back with leadership qualities. They are also looking for a creative midfielder.

Riquelme has yet to fully explain his plans for the window if he wins, although he has suggested in several interviews that one of his targets would be Manchester City’s Spain international Rodri.

Enrique Riquelme has suggested Rodri would be a target if he won the elections (Carl Recine/Getty Images)

What is the manager’s priority?

Alvaro Arbeloa is on his way out. But, from his first talks with Madrid, initially through his agent, Mourinho has focused on defence. The Portuguese manager would also like a midfielder to be brought in.

Madrid were already planning to improve in central defence and in midfield before starting negotiations with Mourinho.

Are there any specific players they are targeting?

Apart from Riquelme mentioning Rodri, there have been no specific names that are known to be strongly linked.

The expectation is that Nico Paz will return after a season at Como, with the club able to exercise a buy-back clause for the Argentina midfielder worth around €9million ($10m; £8m). The 21-year-old has informed Como he would be happy to stay for another season if he is unlikely to feature regularly at Madrid, but the final decision will be Madrid’s.

They are also yet to decide what to do with Victor Munoz, their former academy youngster who has been called up by Spain for the World Cup. The club have not yet communicated their intentions to the player or Osasuna.

Madrid sold the 22-year-old winger to the Pamplona-based club last summer for €5million plus €1m in add-ons, and can buy him back for €8m this summer.

Who will they be looking to sell?

David Alaba and Dani Carvajal have left as free agents after the club did not renew their deals.

The Athletic has reported that Manchester United are interested in Aurelien Tchouameni, although there is no indication Madrid are open to selling the France midfielder.

As in the past two summers, Dani Ceballos wants to leave and the club are willing to let him go. The 29-year-old’s contract expires in 2027, which could facilitate a deal. His old club Real Betis are his preferred destination, but sources there indicate they are not planning a move for the midfielder at this point.

Endrick is expected to stay after his successful loan spell at Lyon, so Madrid will look to offload academy graduate Gonzalo Garcia, while keeping a say in his future — as they have previously done with youngsters such as Paz.

Endrick is heading back to Madrid after a successful loan at Lyon (Olivier Chassignole/AFP via Getty Images)

The club would be open to offers for Eduardo Camavinga for the right price, but the player has made clear he wants to stay. Raul Asencio wants to stay and a source close to the centre-back told The Athletic that he is in the club’s plans for next season.

Will anyone be earmarked for a loan away?

Franco Mastantuono could be loaned out after signing from River Plate last summer for more than €60m.

The 18-year-old midfielder has been left out of Lionel Scaloni’s Argentina squad for this summer’s World Cup following a difficult first season in Spain, so the club will look for a destination where he can get regular playing time and develop more.

What moves have they made already?

None beyond Endrick’s return. The Brazil international trained at their Valdebebas training ground in May after finishing the season in France, before joining up with Ancelotti’s team for the World Cup.

What sort of budget do they have and what is their salary limit position?

As of La Liga’s latest calculations published in March, Madrid had the highest salary cap in the division at €761.2m.

The Athletic’s football finance expert Chris Weatherspoon analysed Real Madrid’s accounts in detail in December, but how much they have to spend this summer is unclear. Last summer, they spent around €180m on players including Dean Huijsen, Alvaro Carreras, Mastantuono and Alexander-Arnold, while the year before that they brought in Kylian Mbappe on a free transfer from Paris Saint-Germain — with a sizeable signing fee for the Frenchman — as well as completing the near-€50m purchase of Endrick.