Fernando Martin, new man in charge at Real Madrid

Real Madrid chairman Florentino Perez (2nd R) leaves the press conference after announcing his resignation at the Santiago Bernabeu stadium. Fernando Martin Alvarez, the new man at the helm following Perez's surprise resignation, is a close friend of his predecessor and a well-known face in Spanish business circles.

Fernando Martin Alvarez, the new man at the helm following Florentino Perez's surprise resignation as Real Madrid chairman on Monday, is a close friend of his predecessor and a well-known face in Spanish business circles.

The 58-year-old property magnate takes charge of the world's richest football club at a time when Real are drifting towards the end of a third straight season without silverware -- but the board overnight gave him their unanimous support, as did Perez in offering him "the best of luck."

Martin arrived at the club in 2000 as Perez swept through with a new broom, millions of dollars at his disposal to launch the era of the 'galactico,' whereby the best players in the world, such as Luis Figo, Zinedine Zidane, Ronaldo and David Beckham, would be united and never mind the cost.

With Perez having fallen on his sword two years into his second mandate Martin, who founded the Martinsa property group in 1991, now has to revive the brand amid signs that some players are stunned and unhappy at Perez stepping down.

Whereas goalkeeper Iker Casillas said the players themselves had to shoulder some of the blame and said he was "pained and sad", Brazilian defender Roberto Carlos, on international duty in Moscow, told Marca magazine: "I'm not bothered - it's not my problem."

Martin now picks up the pieces as a man the club describes as "one of the main landowners" in Spain.

In 2005, he formed an alliance with the Nozar group to develop urban projects in Madrid.

Martin holds a three percent stake in Spain's number three electricity provider Union Fenosa and a stake of less than one percent in telecoms giant Telefonica as well as Spain's top two banks Santander Central Hispano (SCH) and Banco Bilbao Vizcaya Argentaria (BBVA).

He was at Perez's side when the latter first made a tilt at the chairmanship in 1995.

Martin was born on May 30, 1947 in Trigueros del Valle, near the central northern city of Valladolid, where he took a degree in chemical sciences at Universidad de Valladolid.

He was also active politically at regional level in a Christian Democratic party later absorbed by the main conservative Popular Party.

In 1983, he came to the capital to work in property and worked his way up the ladder in a sector which has in recent years enjoyed a massive boom.

By 1991 he was able to branch out on his own and founded Martinsa.

Four years later he had pinned his colours to the Perez mast and now, with Real's ship being tossed in a storm, he has the chance to erect his own.