Real Madrid is a club and this club is owned by the FANS.

Real Madrid FC is actually a Club. Is not a company. There is no CEO, not owner, etc… Every member of this club (now around 92.000) “owns” a piece of the Club. But not like shareholders of a company that have stocks, more like the members of a country club. No one of this 92000 members receive a benefits bonus there. This members choose among all of the members (in an election) every four years the president and the members of the board, and they don’t receive any salary.

By the way, FC Barcelona have the same structure (I think Bayern Munchen also). In oposite of the most of the biggest clubs in England (Liverpool, Manchester United, Manchester City, Tottenham…), they have an owner and have the same structure as a company.

Source: Sergio Tallos