If you’re asking "who won Real Madrid," you’re likely looking for one of two things: who actually owns this massive club, or who managed to beat them on the pitch recently. It's a bit of a trick question. You see, unlike Manchester City or PSG, nobody "owns" Real Madrid in the traditional billionaire-playboy sense. No sovereign wealth fund from the Middle East holds the keys. No American hedge fund is calling the shots from a skyscraper in New York.
Real Madrid is owned by its members. These are the socios. There are about 90,000 of them. They are the ones who "won" the club, historically speaking, by keeping it out of the hands of private corporations.
But if we’re talking about the scoreboard? Well, that’s a different story. In the most recent high-stakes context, Real Madrid were the ones doing the winning. They secured their 15th UEFA Champions League title in June 2024, taking down Borussia Dortmund at Wembley. It wasn't a blowout. It was actually kind of a stressful watch for the Madridistas until the late stages.
The Ownership Myth: Who Really Controls the Bernabéu?
People get confused because they see Florentino Pérez everywhere. He looks like an owner. He talks like an owner. He spends money like an owner. But Pérez is the President, elected by those 90,000 members. To even run for the presidency, you have to be a Spanish national, have been a member for 20 years, and—here is the kicker—be able to personally guarantee a bank bond worth 15% of the club's budget. We are talking hundreds of millions of euros.
So, while the fans "own" it, only the incredibly wealthy can actually lead it.
This structure is a huge part of the club’s identity. It’s why they call themselves the "Kings of Europe." They view themselves as a community-driven institution that just happens to have the GDP of a small country. When people ask who won Real Madrid in a corporate takeover sense, the answer is: nobody. They’ve fought off the "Sporting Limited Company" (SAD) status that most other Spanish clubs were forced to adopt in the early 90s. They, along with Barcelona, Athletic Bilbao, and Osasuna, remain the last holdouts of the old-school membership model.
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That Night at Wembley: Real Madrid vs Borussia Dortmund
Let's look at the pitch. If you’re searching for who won the last big game involving Real Madrid, you’re looking at the 2023-2024 Champions League Final.
Borussia Dortmund dominated the first half. Honestly, they should have been up 2-0 or 3-0. Karim Adeyemi had a massive chance that he fumbled. Niclas Füllkrug hit the post. Madrid looked sluggish, almost bored. But that’s the thing about this team—they have this weird, almost supernatural ability to survive being outplayed.
Then came the 74th minute. Dani Carvajal, one of the shortest guys on the pitch, rose up for a header from a Toni Kroos corner. Goal. Then a mistake from Dortmund's Ian Maatsen let Jude Bellingham feed Vinícius Júnior. 2-0. Game over. Real Madrid won the Champions League, adding another trophy to a cabinet that is literally running out of room.
Recent Domestic Upsets
It isn't always a victory parade, though. If you're looking for who beat Real Madrid recently, the 2024-2025 season has had some shocks.
- Lille OSC: In October 2024, the French side pulled off a stunning 1-0 win in the Champions League group stage. It snapped Madrid’s 36-game unbeaten run in all competitions. Jonathan David tucked away a penalty, and Madrid just couldn't find an answer.
- FC Barcelona: The October 2024 El Clásico was a bloodbath. Hansi Flick’s Barcelona went into the Santiago Bernabéu and walked away with a 4-0 win. Robert Lewandowski looked like he was ten years younger. Lamine Yamal was untouchable. It was one of the few times in recent years where Real Madrid didn't just lose—they were humiliated.
- AC Milan: Shortly after the Barcelona disaster, Milan went to Madrid and won 3-1.
So, if your question is about who "won" against them lately, the answer is usually a tactical masterclass from a team that caught their defense sleeping.
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The "Galactico" Effect and the Mbappe Factor
You can't talk about who won at Real Madrid without talking about the roster. Bringing in Kylian Mbappé was supposed to make them invincible. On paper, it's a FIFA video game lineup. Mbappé, Vinícius, Bellingham, Rodrygo.
But football isn't played on paper.
The struggle this season has been about balance. Who won the battle for the starting positions? Sometimes, having too many stars is worse than having none. Carlo Ancelotti—the man with the most iconic raised eyebrow in sports—has had a massive headache trying to fit everyone in without the midfield collapsing. Since Toni Kroos retired, the "engine room" has felt a bit clunky.
The Financial Winners
If we follow the money, the real "winner" of Real Madrid’s recent success is the stadium itself. The renovated Santiago Bernabéu is a marvel of engineering. It has a retractable pitch that can be tucked away in a subterranean "cave" to allow for NFL games, concerts (like Taylor Swift's Eras Tour), and even basketball games.
The club's revenue hit €1.073 billion for the 2023-24 season. That is a staggering number. They are the first football club to surpass the billion-euro mark in revenue without being owned by a state. In the business of football, Real Madrid is winning against the state-backed giants.
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Why the "Winner" Status is Always Contested
Madrid is a club built on "Remontadas"—the comeback. They don't mind losing for 80 minutes if they win in the 90th. This creates a weird dynamic where even when they are losing, people feel like they are winning.
Take the Manchester City quarter-final in 2024. City had 67% possession. They had 33 shots. Madrid had 8. But Madrid won on penalties. Who "won" that game? Statistically, City dominated. Historically? Madrid moved on. This "winning" DNA is what makes them so hated by rivals and so loved by their global fanbase. It’s an arrogance backed by results.
Misconceptions About the Club's "Wins"
- The Government Myth: People often claim the Spanish government or King Franco "won" the club its trophies in the 50s. While historical ties to the establishment existed, FIFA and UEFA historians have largely debunked the idea that the trophies were handed to them. They won because they signed Alfredo Di Stéfano and Ferenc Puskás.
- The Debt Fallacy: You'll hear fans of other clubs say "Madrid is broke" or "The banks won Madrid." Not really. Their debt is highly structured and tied to the stadium renovation, which is an asset that generates cash. They aren't in a Barcelona-style lever-pulling crisis.
What's Next for the Kings of Europe?
The battle for who wins Real Madrid's future is happening right now in the boardroom. Florentino Pérez is pushing hard for the Super League. He wants a closed shop where the "big" teams play each other every week.
If he wins that battle, the entire landscape of European football changes. If he loses, Real Madrid has to keep competing in a Champions League that is becoming increasingly crowded with state-owned competition.
For the average fan, "who won" is usually settled on the grass. As of right now, despite a few shaky results in the late 2024 calendar, Real Madrid remains the reigning king of the continent. But with a hungry Barcelona and a tactical revolution happening in the Premier League, that crown is heavier than ever.
Actionable Takeaways for Following the Club
If you're trying to keep track of who is winning with or against Real Madrid, do these three things:
- Watch the "Socios" Calendar: Elections and assembly votes are where the real power shifts happen. If a major member vote goes against Pérez, that's the biggest "win" or "loss" in the club's modern history.
- Monitor the Stadium Revenue: The success of the non-football events at the Bernabéu will dictate how much they can spend on the next generation of stars (like Florian Wirtz or Xabi Alonso as a manager).
- Check the Injury Reports: Madrid’s "winning" depends heavily on a thin defensive line. When David Alaba or Éder Militão are out, the club's "winner" status becomes incredibly fragile.
The story of who won Real Madrid isn't about a single game or a single owner. It's about a 122-year-old tug-of-war between tradition, massive wealth, and the sheer refusal to lose.