Unlike most European football clubs, Real Madrid CF is owned and run by its members (all Spanish), called socios, since its founding.
These members elect the president by a ballot, similarly to a limited liability company.
The president has the responsibility for the overall management of the club, including formally signing contracts with players and staff.
Legendary Santiago Bernabéu remains the longest-serving president of the club (35 years, from 1943 to 1978).
In July 2000, former Real player Alfredo Di Stéfano was appointed Honorary President of the club.