The upcoming presidential elections at Real Madrid, called by incumbent Florentino Pérez, have delayed the appointment of José Mourinho as manager, and the club could end up paying more than initially anticipated to rehire him.
Mourinho's potential return to the Santiago Bernabéu is becoming increasingly complex. Despite sources telling ESPN on May 18 that a two-year contract had been agreed with the Spanish club -- where Mourinho, of Portugal, won three trophies in as many years including the LaLiga title in 2011-12 -- his appointment has not yet been officially announced.
Sources have told ESPN that the call for new elections at Real Madrid by Pérez, which will be held on June 7, has delayed Mourinho's appointment. The problem is that this delay could mean Los Blancos have to spend considerably more than anticipated to secure the Benfica coach's services.
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Initially, there was an agreement for Madrid to pay Benfica a compensation fee of €7 million to recruit Mourinho. However, this amount is only valid for a period of 10 business days from the end of the Portuguese Primeira Liga season, and that period ends on Friday. After that deadline, the amount stipulated by Benfica to release their coach more than doubles, to €15 million.
There is a possibility that the parties will negotiate the amount. However, all signs point to the figure being above €7 million, even if a new agreement is reached. This comes after Madrid fired Xabi Alonso as coach in January, less than a year into his three-year contract, and replaced him with Álvaro Arbeloa.
Who is running against Pérez?
Enrique Riquelme will be longtime president Pérez's opponent in the June 7 election. Riquelme, 37, told Spanish newspaper ABC this week that he "was never a fan of Mourinho" and that he envisions a "long-term project" for the club. Sources told ESPN that a victory for Riquelme could make Mourinho reluctant to return to the club.
"If I am elected president, I will evaluate [the possibility of Mourinho's return]," Riquelme said. "But what I want is to create a long-term project.
"Bringing Xabi Alonso back was the right decision, and it was a mistake to let him go. You can't create a project in three months. He didn't have the time or the conditions to make important decisions."
Now Alonso has chosen to join Chelsea. Riquelme, however, would not reveal his preferred candidate to fill the coaching position vacated by Arbeloa at the end of the 2025-26 season, following a second successive campaign without a major trophy.
"I love [former Liverpool manager Jürgen] Klopp, but there are also other coaches I like," Riquelme said. "Madrid can't keep experimenting with coaches. Maybe Arbeloa wasn't the right choice at that time."
The founder and CEO of a renewable energy company added that he would hire a new sporting director if he is elected, saying: "I already have a name in mind and will announce it in the coming days."
Speaking to COPE radio on Tuesday, Riquelme made it clear that Mourinho would not be his choice of coach and revealed that he has already reached an agreement with another manager. "We finalized the coach before announcing my candidacy," he said. "He is a coach who is not currently available."
Riquelme also commented on the possibility that Pérez might hire Mourinho, regardless of whether or not he wins the election. "I would think that was wrong," he said. "For someone to sign a player in the middle of a campaign, forcing the club's hand..."
Sources told ESPN that Mourinho values working "where he feels wanted" and would not feel comfortable working under a board that publicly stated he was not the first choice. Mourinho, 63, will only travel to the Spanish capital once Real Madrid's board of directors has been decided.
Due to this upheaval, it is likely that the club will not officially announce its new coach until after the June 7 elections.
What about Benfica?
Mourinho still has a year left on his contract at Benfica, but the club are already planning for a future without the former Chelsea, Internazionale and Manchester United coach at the helm. Last Monday, Benfica held a general assembly to plan for the 2026-27 season without him.
So Benfica find themselves in a complicated situation, as they both have and do not have a coach, and are searching the market for a suitable replacement. According to reports, the most likely candidate for the position is Fulham boss Marco Silva. The Portuguese club want to have a new coach in place by the time they begin preseason training on June 25.
What if Mourinho doesn't join Real Madrid?
Despite having an agreement with Pérez to coach Real Madrid, Mourinho could find himself out of a job if Riquelme wins the election. This, combined with the fact that Benfica have begun to plan for a future without him, could leave the coach without a club.
Sources have told ESPN that Mourinho has received plenty of approaches, but he remains cautious when it comes to deciding his next move and is prioritizing a job in Europe.
The two-time UEFA Champions League winner has recently received several offers from clubs in the Saudi Pro League. But despite the lucrative proposals, sources told ESPN that Mourinho has no plans to leave Europe, where he feels comfortable with an active social life and enjoys his day-to-day routine -- something he believes wouldn't be possible in a job one of the Gulf states.
This article was first published by ESPN Brasil in Portuguese and has been translated.