MADRID, May 20 (Xinhua) -- Real Madrid appears set to have more than one candidate in its presidential election for the first time since 2009, after Enrique Riquelme implied he would stand against incumbent president Florentino Perez, despite admitting he had been caught off guard by Perez's decision to call elections last week.

Perez, 79, called the election just 16 months after being re-elected for a fourth term since returning to power in 2009. Since then, no rival candidate has emerged, partly because of the strict requirements imposed on challengers.

Potential candidates must be Spanish, have been club members for at least 20 years, and provide a bank guarantee worth 15 percent of the club's annual budget, estimated at around 215 million U.S. dollars.

Riquelme, president of a renewable energy company, fulfills those requirements and acknowledged on Wednesday that Perez's decision had disrupted his plans.

"We didn't have a plan for today," Riquelme admitted, adding that he had been "working on a strategy for 2028 for some time, but the elections have been brought forward by three years."

Perez's decision has left Riquelme with just 10 days to secure the bank guarantee and formally submit his candidacy.

"We know these are the rules and we have no right to complain, but they've only given us a few days," he said.

Despite the short timeframe, Riquelme argued he felt compelled to challenge Perez.

"There is a moral and ethical obligation for us to step forward and present something meaningful, something inspiring. These could be the last elections at Real Madrid, because privatization is coming," he said.

Riquelme also praised Perez's achievements during his 17 years in charge, while suggesting the club needed renewal.

"As with everything in life, there must be a change of cycle, a plan for the coming years," he said.

"Tomorrow we'll send everything to the Electoral Board, but we'll use up all the time until Saturday to make a decision," Riquelme concluded. ■