Benfica confirms Jose Mourinho’s departure to Real Madrid for €15 million termination fee

The publicly listed Portuguese club filed a regulatory disclosure confirming Real Madrid's move for their head coach, contingent on Florentino Pérez's re-election on June 7.

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Add us on Google by Editorial Team Jun. 9, 2026

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.

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Mourinho managed Benfica during the 2025-26 season, where the team finished third in the Portuguese league. Pérez has reportedly made Mourinho’s hiring a cornerstone of his re-election pitch, tying the club’s future direction to a familiar face.

A reunion 13 years in the making

Mourinho previously managed Real Madrid from 2010 to 2013. That stint produced a La Liga title in 2012.

The Portuguese manager has bounced through several clubs since his first Madrid departure, including Chelsea (again), Manchester United, Tottenham, Roma, and Fenerbahçe, before landing at Benfica.

If the move proceeds, Mourinho may also bring members of his assistant coaching staff from Benfica to Madrid.

What this means for investors watching listed football clubs

For anyone tracking publicly listed sports entities, this is a textbook case study in how coaching changes ripple through club valuations. Benfica’s regulatory filing exists precisely because markets need to price in the loss of a high-profile manager and the incoming €15 million fee simultaneously.

On Real Madrid’s side, the club isn’t publicly listed in the traditional sense, operating instead as a members-owned institution.

If the June 7 vote goes Pérez’s way, expect the transfer to formalize quickly. If it doesn’t, Mourinho presumably stays at Benfica, and a €15 million termination fee remains theoretical.

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