Mourinho's return to Real Madrid could become more expensive: Benfica now holds stronger negotiating cards
The possible return of José Mourinho to the Real Madrid bench is no longer just a sporting issue, but also a financially and politically sensitive operation. According to reports from Spanish media, the more favorable release clause in his contract with Benfica expired at the end of May, so the Portuguese club could now demand up to 15 million euros to terminate the cooperation. Real Madrid, according to the same reports, sees Mourinho as one of the main candidates for a new spell at the Santiago Bernabéu stadium, but no agreement has been officially confirmed by either the Spanish or the Portuguese club.
The case is particularly complex because it is taking place at a time when Real Madrid is going through an electoral process. The club's electoral commission announced that voting for the president and the Board of Directors will be held on June 7, 2026, and the candidacies of Florentino Pérez and Enrique José Riquelme Vives have been confirmed as valid. For that reason, according to ESPN's report, the appointment of a new coach is not being treated only as an operational sporting decision, but also as a move that could be linked to the outcome of the presidential election and the future direction of the club.
Mourinho remains Benfica's coach according to the official information from the Portuguese club, which confirmed his appointment in September 2025. Benfica announced at the time that the cooperation had been agreed for the 2025/26 season, with the possibility that both the club and the coach, under certain conditions, could decide not to continue the contract for the 2026/27 season. That is precisely why any potential move to Madrid is connected with the legal details of the contract, clause deadlines and negotiations between the clubs. As of June 1, 2026, no official confirmation of Mourinho's return to Real Madrid has been published, so all claims about an agreement remain tied to media reports.
The clause that changes the calculation
The most concrete problem for Real Madrid concerns the amount that would have to be paid to Benfica. AS reported that Mourinho could have left the Lisbon club for 7 million euros by a certain deadline, but that after the expiry of that deadline the price of his departure rose to 15 million euros. The Spanish newspaper states that this higher sum is linked to the value of the remaining year of the coach's contract in Portugal. In other words, Real Madrid, if it decides to formalize the deal, could pay an amount for a coach that is high for football clubs even in the era of expensive player transfers, because coaches are brought in with compensation fees of that level far less often.
According to the same reports, the key deadline expired during the period when Real Madrid was already in the electoral process. This further complicated the situation because a decision to activate the clause or conclude the deal with Benfica could have a political dimension within the club. If the coach were confirmed before the vote, the decision could be interpreted as part of the current board's project. If, however, the end of the election is awaited, Benfica has an argument to demand a more expensive solution, especially if the earlier mechanism for leaving the contract has ceased to be valid.
Football España, citing media reports and The Athletic, reported that Mourinho had allegedly already signed a contract with Real Madrid until 2029, but also that it is not entirely clear what consequences a different outcome of the presidential election would have. Such claims should be viewed cautiously for now, because there is no official confirmation. Still, they show that in Spanish sporting circles Mourinho's return is no longer viewed as a distant possibility, but as a deal awaiting a political and financial conclusion.
The elections have slowed sporting decision-making
Real Madrid officially announced on May 14 the calling of elections for the president and the Board of Directors. According to the club's announcement, candidacies could be submitted from May 14 to 23, 2026, and the electoral calendar envisaged further steps after the confirmation of the candidates. The electoral commission then announced on May 26 that the candidacies of Florentino Pérez, the club's long-serving president, and Enrique José Riquelme Vives were valid, confirming that voting members would decide between two projects.
The minutes of the electoral commission state that voting on June 7 will last from 9 a.m. to 8 p.m. in the Ciudad Real Madrid basketball arena. That detail is also important for the coaching question because until then every major decision can be viewed through the prism of the election campaign. According to ESPN, it was precisely the calling of the elections that delayed Mourinho's possible appointment. That does not mean negotiations have stopped, but it does mean that an official announcement fits less easily into a period in which the club's leadership is being decided.
Under normal circumstances, choosing a coach would already be one of the most important decisions of the sporting department in itself. At Real Madrid, which is a member-run club, such a decision gains additional institutional weight when it coincides with elections. Pérez could present Mourinho's return as a move of experience and firm leadership, while the rival candidacy could advocate a different model of sporting policy. For that reason, any announcement before June 7 would not be only sporting news, but also an electoral message.
Benfica is not just an observer
Benfica is not a passive party in this story. The Lisbon club officially presented Mourinho in September 2025, and president Rui Costa described him at the time as the right solution at the right moment. The Portuguese coach returned to the club where he worked briefly at the beginning of his great coaching career, and with his arrival Benfica gained a globally recognizable name and a coach with vast experience in elite European football. For that reason, his possible departure would not be only a matter of compensation, but also a matter of planning the new season.
If Mourinho really leaves Benfica, the Portuguese club must also resolve the question of a successor, the coaching staff, preparations and the transfer window. AS and Portuguese media have reported in recent days that Marco Silva is being mentioned in that context, but that outcome has not been officially confirmed either. For Benfica, it is therefore logical to seek to protect its interests in negotiations, especially if the earlier, more favorable termination option can no longer be used. A higher compensation amount can serve as compensation for the sporting risk and for the time lost while waiting for the final decision from Madrid.
Mourinho, according to the available information, is still contractually bound to Benfica. That means Real Madrid cannot simply announce his arrival without an agreement with the Portuguese club or without activating a legal mechanism from the contract. In practice, such deals are often resolved through negotiations, especially when high-profile coaches are involved, because clubs try to avoid a public dispute and ensure an orderly transition. However, the longer the period of uncertainty lasts, the greater the possibility that Benfica will take a firmer negotiating stance.
Why Mourinho is once again at the center of the Madrid story
Mourinho managed Real Madrid from 2010 to 2013, which is also confirmed by the club's historical page on coaches. During that period he won La Liga, the Copa del Rey and the Spanish Super Cup, and his team from the 2011/12 season remained remembered for exceptionally high numbers in the league. His first spell at the Bernabéu was important in terms of results, but it was also marked by a strong character, tense relationships and a major rivalry with Barcelona. That is precisely why his return would be one of the most high-profile coaching moves in European football.
For Real Madrid, Mourinho would represent a choice that carries both advantages and risks. The advantage is the experience of a coach who has led the biggest European clubs, won international trophies and is used to working under the pressure of the highest expectations. The risk is the fact that his management style is often intense, demanding and highly exposed in the media. A club that brings him in does not get only a coach for the pitch, but also a strong public figure who can change the dynamics of the dressing room, communication with the media and the perception of the sporting project.
Mourinho's return would also have a symbolic dimension. Over the past two decades, Real Madrid has repeatedly returned to proven names, including coaches who already knew the club's structure and the pressure of the Bernabéu. In that sense, the Portuguese specialist would be a logical choice for a board that wants a quick solution with authority. On the other hand, returns of coaches are rarely simple, because circumstances, the dressing room, competition and expectations change, so memories from the first spell cannot automatically be turned into a guarantee of new success.
The financial signal is broader than the compensation itself
The amount of 15 million euros, if confirmed in negotiations, would not be only the cost of bringing in a coach. It would also send a message about the level of Real Madrid's determination to bring Mourinho back to the bench, despite the fact that in many clubs that money would finance part of a player transfer or the annual package of a coaching staff. In modern football, coaches are an increasingly important strategic resource, but paying a high compensation fee for them still attracts special attention because such sums are directly linked to responsibility for results.
For Benfica, the possible collection of the higher amount could soften the consequences of losing a coach at a sensitive moment. For Real Madrid, meanwhile, the question is how such a cost fits into the overall budget of the sporting project, including possible changes in the playing squad and coaching staff. According to Football España, media reports also mention the possibility that part of Mourinho's current staff could move with him to Madrid, which would further open questions of organization, contracts and compensation.
It is important to emphasize that at this moment there is no official document that would publicly confirm the final compensation amount. The figure of 15 million euros comes from media reports, primarily from AS and portals that carried the Spanish claims. That is why it is most precise to say that Benfica, according to the available information, could demand up to 15 million euros, and not that this amount has already been concluded and paid. In negotiations of this kind, the final price may depend on deadlines, the method of termination, the relationship between the clubs and a possible agreement on the payment schedule.
What must happen before official confirmation
The first prerequisite for a resolution is the conclusion of the presidential elections at Real Madrid. If the current board retains its mandate, the media expect that the process around the new coach could accelerate. If there is a change at the top of the club, it is not certain whether Mourinho would remain a priority or whether the new board would open talks with other candidates. That uncertainty explains why the coaching issue, although reportedly already sporting-wise directed toward Mourinho, still cannot formally be considered resolved.
The second prerequisite is an agreement with Benfica. The Portuguese club has a contract with the coach and has no reason to waive its rights without compensation that suits it. If the more favorable clause has indeed expired, Real Madrid must decide whether to accept the higher cost, try to negotiate a lower amount or seek an alternative solution. In that part of the negotiations, intermediaries, Mourinho's relationship with Benfica and the desire of all parties to make the decision without a prolonged public dispute may play an important role.
The third element is communication toward the public. Real Madrid, Benfica and Mourinho are currently not acting with the same level of openness as the media that follow the deal daily. Until the clubs confirm an agreement, the most important claims remain in the realm of reliable but unofficial reports. This is important both for fans and for the market, because every new piece of information is immediately connected with the transfer window, the future of players and possible changes in the sporting model.
For now, the firmest confirmation is what comes from official documents: Real Madrid has elections on June 7, Pérez and Riquelme have been confirmed as candidates, and Mourinho is contractually bound to Benfica on the basis of the contract announced last autumn. Everything else, including the alleged agreement with Real Madrid, the presentation deadlines and the final amount Benfica would receive, remains in the sphere of media reports. That is precisely why the coming days may be decisive for whether Mourinho's return to the Santiago Bernabéu turns into official news or into a deal that has become more expensive to the point where Real Madrid must recalculate again.
Sources:
- Real Madrid CF – official announcement on the calling of elections for the president and the Board of Directors and on the electoral calendar (link)
- Real Madrid CF – minutes of the Electoral Commission confirming the candidacies of Florentino Pérez and Enrique José Riquelme Vives and the voting date of June 7, 2026 (link)
- SL Benfica – official announcement to the CMVM on the appointment of José Mourinho and the terms of cooperation for the 2025/26 season (link)
- AS – report on the expiry of the more favorable release clause and the possible rise of compensation to 15 million euros (link)
- AS – report on the continuation of negotiations, the elections at Real Madrid and Benfica's role in the outcome of the deal (link)
- ESPN – analysis of the impact of Real Madrid's presidential elections on the possible appointment of José Mourinho (link)
- Football España – report on Mourinho's alleged contract with Real Madrid, the possible duration of the cooperation and the issue of compensation to Benfica (link)
- Real Madrid CF – official historical page of coaches, noting Mourinho's first spell from 2010 to 2013 (link)