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By ESPN Staff

Garcia withdrawal paves way for Perez election

Eduardo Garcia withdrew from the running to be the next Real Madrid president on Thursday, leaving Florentino Perez as the only candidate to have officially entered for next month's election.

In a statement on his website, Garcia said he had split with his backers earlier in the week and not had time since then to get together the bank guarantee of €57.4m ($79.64m) required to register his candidacy.

Election day has been set for June 14 but if no other candidate steps forward to run against Perez by Sunday, he will be appointed president on Monday.

The three challengers who had been expected to stand against him have all pulled out.

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