During the summer, the Spanish Football Federation lifted the ban on the transfers of foreign players after eleven seasons.

[1] As such, Madrid signed Argentine forward Oscar Más,[2] German midfielder Günter Netzer,[3] as well as bringing in Spanish teenage defender José Antonio Camacho and youngster Vicente del Bosque.

On 8 September 1973, the club announced plans to build a new stadium in Fuencarral,[4] a project that was ultimately rejected by City Government.

[7] During the campaign, Miguel Muñoz (head coach since 1960) was fired on 14 January 1974 after a bad streak of results, being replaced by Luis Molowny.

[9] Shockingly, in the UEFA Cup the squad bowed out early at the hands of Ipswich Town after losing the first leg of the series 0–1 and a achieving only a miserable draw 1–1 in Madrid.