Lorenzo Sanz was president of the club from 1995 to 2000, leading the club to their first European Cup success in 1998 for more than 30 years. The club achieved the feat again two years later.
But despite the victories, the club’s financial situation led to him losing the 2000 elections shortly after their European Cup win to Florentino Perez. Sanz stood against Perez in 2004 but got heavily beaten.
Now Sanz says he is weighing up whether of not he should stand again at the upcoming elections.
Sanz said: “I am looking to see how much support I have, that will determine whether I stand or not.
“I will ask the members if they want to continue with the club model that has been such a failure, or whether they want a change of direction.”
The club’s president is set to be named in July.
