Benfica has formally disclosed through a filing with Portugal’s securities regulator, the Comissão do Mercado de Valores Mobiliários (CMVM), that Real Madrid intends to hire José Mourinho as their next head coach. The deal carries a €15 million termination clause, payable to Benfica upon completion.
The announcement lands in a peculiar spot: it’s technically a done deal that isn’t done yet. The transfer is contingent on Florentino Pérez winning Real Madrid’s presidential election, scheduled for June 7, 2026.
What the filing actually says
Benfica, as a publicly listed club on the Portuguese stock exchange, is obligated to disclose material developments that could affect its valuation. Losing your head coach to one of the world’s biggest football clubs qualifies.
The €15 million termination fee was a pre-existing clause baked into Mourinho’s contract with Benfica, replacing an earlier, lesser amount that expired in late May 2026.
