In June 2004, Florentino Perez, a well-known Spanish businessman, was elected president of Real Madrid, one of the world's top soccer clubs. In his campaign, Perez had promised to turn around the club's finances, bring in world-class talent, and expand the club's brand around the world through multiple channels. As re-election looms four years later, his management team reflects on initiatives to date and challenges ahead as described in the case. Also describes the soccer industry and the trends transforming it.