Real Madrid chief Florentino Perez defends Bernabeu plans at AGM

Real Madrid president Florentino Perez has defended multi-million euro plans to redevelop the Bernabeu at a stormy Annual General Meeting.

The event saw socios group Compromiso Blanco question Perez's management of the club.

The group are unhappy at what they say is a lack of democracy surrounding the way in which important decisions are taken and club money is spent.

Perez recently announced court-mandated changes to the €400 million project to redevelop Real's Bernabeu home, which will involve sponsors IPIC adding a "surname" to the historic ground.

Unlike at Barcelona, Madrid's members are not getting the chance to vote on the project in a referendum, despite Perez often talking about how the club is owned and controlled by its socios.

"We need a stadium adopted to new times," Perez said. "We chose the least expensive proposal, of €400m to €420m.

"What do you want, that we lose the contract with IPIC? There are people here who are not serious. How would we ask the socios? Do you want a referendum for [Toni] Kroos and [Luka] Modric's new contracts too?"

After presenting another year of record revenues, Perez was confronted by socios who alleged that Madrid's true financial position was more perilous and claimed the club could need to be converted into a limited company to survive.

"If I had not come here in 2000, with a personal guarantee of €170m, the club would be a private company by now and you would not be here talking," construction magnate Perez said.

"The only way to remain independent is to be financially healthy. That is the base of our sporting success.

"Do you believe we can bring in Cristiano Ronaldo, Gareth Bale, Karim Benzema and Toni Kroos without having healthy accounts? Don't be confused. We are No. 1 in both the financials and on the pitch."

He also said recent reports alleging problems at Real Madrid's club television station were not true.

"We have half the audience we should have as it is a HD channel and many people do not have televisions sets to see it," he said.

"The stories about mistreatment of staff are not true. We had nothing to do with dismissals. That is the production company. What we have done is double the number of staff."