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Pérez was accompanied throughout his campaign by his communications advisors from the ad agency Shackleton. And marketing carries almost equal weight to sporting considerations in future plans.

After receiving the votes of over 90% of Madrid's 'socios', or members, Florentino Pérez brushes aside any criticism of his strategy of buying one star player, or 'galactico', every year for the past 4 years. "We have shown that it can be profitable to invest in the best players. Just like in any other industry, it gives us a product we can sell and our members recognise that."

The three weeks following his re-election have been somewhat frenzied for Pérez, says Diário Económico. When he was first voted in, the club had no clear direction, he says. His first objective was to establish that direction, something he is now looking to strengthen.

Throughout the past month, Pérez has been walking around with a constant 'shadow'. Pablo Alzugaray, head of the advertising agency, Shackleton, that devised his re-election campaign, has been a constant companion. Following the vote, Alzugaray and his colleagues continues to participate in the club's planning activities. Pérez says he understands very well what it means to be a true follower of Real Madrid and tries to transmit his understanding in very clear manner. Unlike, he believes, his two recent rivals for the post

Having brought in Ronaldo, Figo, Zidane and Beckham in recent years, Pérez based this year's campaign less on a promise to sign specific stars and more on broad-based, progressive strategy. Lorenzo Sanz took responsibility for the sporting aspects of this, Arturo Baldasano took charge of the economic aspects and Pérez himself concentrated on Real Madrid's plans for international expansion. "I don't have to convince our members that the best players in the world will be playing for Real Madrid", he says. "Our current strategy lies in continuing to attract new supporters."

This has, he says, a direct impact on the club's finances. "A few years ago, Manchester United was the most successful club commercially across the world, through the simple fact that it had a marketing strategy ten years ahead of the other clubs. That's not true any more. Indeed, Real Madrid has few equals in terms of worldwide commercial presence. In 2004, marketing alone will earn us €138 million, the same amount as we earned from all sources in 2001. Our total planned income for 2004 is €300 million, double what we achieved in 2001.

The Real Madrid brand's current value, according to a recent study by Interbrand, is €278 million, compared to the €288 million that the consultancy estimates the Manchester United brand to be worth. Real Madrid, however, has the greater capacity worldwide, it estimates. Among the plans of the newly-re-elected regime are the setting up of a TV channel - Real Madrid Television. For Florentino Pérez, this is "a project that you can't approach arrogantly. You have to do it responsibly", given that the club has existing agreements with broadcasters who cover the team's affairs.

In addition to the new channel, Real Madrid aims to step up the number of companies it partners with as sponsors. Current lead sponsor is Siemens, the mobile phone brand, which signed a 3-season deal in 2002 for the sum of €33 million. Adidas and Audi are other key sponsors, followed by Pepsi, Telefónica and the beer brand Mahou.

These companies will remain in place during the 2004/05 season, but Pérez is keen to add others, with the aim of establishing the club's brand in every region of the world.