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Florentino Perez has resigned from his position as Real Madrid president.
The Real supremo informed the Madrid board of his decision in an extraordinary board meeting on Monday evening.
The Primera club called a press conference for 8pm (GMT) on Monday night where Perez confirmed the news to the assembled media.
The move comes after Real's hugely disappointing 2-1 reverse to struggling Mallorca at the weekend - a defeat which left them ten points adrift of arch rivals and league leaders Barcelona.
Trailing 1-0 to Arsenal in their UEFA Champions League tie, Real are now staring at the prospect of an unthinkable third consecutive season without silverware - a move that seems to have prompted Perez to jump ship.
The 58-year-old - a successful businessman who made his fortune in the building trade - took charge at the Santiago Bernabeu in 2000 and introduced Real's now renowned 'galactico' transfer policy.
Having signed superstars such as Luis Figo, Zinedine Zidane and Ronaldo the club won two league titles and a European Cup, but the policy turned sour in recent seasons as the club has lurched from one coach to another with a seemingly unbalanced squad underperforming.
The signing of David Beckham helped see Real named as the richest club in world football last week, but on-field problems now appear to have become too much for Perez.
He will be replaced on a temporary basis by vice president Fernando Martin until the presidential elections to find his successor.
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bye bye real madrid bye bye-----signed barça
The Real supremo informed the Madrid board of his decision in an extraordinary board meeting on Monday evening.
The Primera club called a press conference for 8pm (GMT) on Monday night where Perez confirmed the news to the assembled media.
The move comes after Real's hugely disappointing 2-1 reverse to struggling Mallorca at the weekend - a defeat which left them ten points adrift of arch rivals and league leaders Barcelona.
Trailing 1-0 to Arsenal in their UEFA Champions League tie, Real are now staring at the prospect of an unthinkable third consecutive season without silverware - a move that seems to have prompted Perez to jump ship.
The 58-year-old - a successful businessman who made his fortune in the building trade - took charge at the Santiago Bernabeu in 2000 and introduced Real's now renowned 'galactico' transfer policy.
Having signed superstars such as Luis Figo, Zinedine Zidane and Ronaldo the club won two league titles and a European Cup, but the policy turned sour in recent seasons as the club has lurched from one coach to another with a seemingly unbalanced squad underperforming.
The signing of David Beckham helped see Real named as the richest club in world football last week, but on-field problems now appear to have become too much for Perez.
He will be replaced on a temporary basis by vice president Fernando Martin until the presidential elections to find his successor.
__________________
bye bye real madrid bye bye-----signed barça