Lorenzo Sanz lost to Florentino Perez in the elections four years ago, but will challenge Perez again in next month’s vote.
Sanz claims the club’s big mistake was signing England captain David Beckham – when they already had Portugal’s Luis Figo playing in a similar position.
Speaking to local media, Sanz said: “They constructed a team with an eye more on marketing and 'galacticos' rather than on sporting realities.
“Beckham is a great player, but not where he played last season.
“The team is unbalanced and the big wage bill is difficult to sustain.”
The team last year came in for huge criticism after it failed to win any trophies, despite boasting a line up which featured Beckham, Ronaldo, Zidane, Figo, Raul and Roberto Carlos.
