New Delhi, May 24 -- Real Madrid will hold presidential elections for the first time in two decades after the club's electoral commission approved businessman Enrique Riquelme's candidacy to challenge long-serving president Florentino Perez.

Perez, 79, called for elections earlier this month in a bid to reaffirm support from club members following a disappointing campaign in which Real Madrid failed to win a major trophy for the second consecutive season, as per ESPN.

Enrique Riquelme had announced on Thursday his intention to contest the elections before formally submitting his candidacy in person on Saturday at Ciudad Real Madrid in Madrid's Valdebebas district.

"It's an important day for Real Madrid, after 20 years, we'll be able to...