Juan Onieva has withdrawn from the running for the Real Madrid presidency after his presentation to set out his programme was not well received in the Spanish media.
"After thinking it over, I feel obliged to take responsibility for it and abandon the electoral race," former vice president Onieva was quoted as saying in sports daily Marca on Saturday.
Florentino Perez and little-known Eduardo Garcia are the two remaining candidates who have said they will stand. They have until May 31 to lodge a bank guarantee of €57.4m with the club.
If there is only one candidate, he will be appointed to the post on June 1. Otherwise the vote will take place on June 14.