Perez: Madrid are the symbol of Spain

Madrid are the most successful side in European football thanks to a combined 10 European Cup and Champions League trophies, but they have been criticised this season with the Spanish capital club third in La Liga under embattled coach Rafael Benitez.

Perez was speaking at his annual dinner with the media at the Santiago Bernabeu and took the opportunity to remind people of the responsibility the club holds.

"Real Madrid is a symbol of our nation and one of the most loved," he said. "For many people, the image of Spain is of Real Madrid.

"This means an enormous responsibility for everyone and we have the obligation to protect it, be exemplary and transparent, and to keep alive the myth and the legend of Real Madrid."

Perez has spent 12 years as Madrid president since 2000 - in two different spells - and has overseen some of the biggest transfers in world football history.

"We are a club with 113 years of life and with the best record in the history of football," he continued. "Real Madrid is considered the most prestigious and most valuable in the world.

"We are aware that we have to be respectful of our fans, with our members and the media, that have always accompanied us in this responsibility."