Real Madrid president Fernando Martin
resigned after less than two months in the post.
The board decided to call for elections following an evening debate
which saw him fail to win sufficient support from directors, the club
said on its website.
The board added that Martin would stand in the election and had in the
interim handed over power to board doyen Luis Gomez Montejano after a "serene
meeting and a wide-ranging debate".
Martin had taken over from Florentino Perez at the end of February
following the latter's unexpected resignation and an admission that "Real
Madrid needs change".
The club has not won a trophy for three seasons.
Martin lost out as he failed to garner sufficient votes of the 19 board
members to ward off elections which must take place before an annual
general meeting in October.
Martin had been vice-chairman before stepping up to the plate in place
of construction magnate Perez, inventor of the 'galactico' template
after arriving in 2000 and setting about bringing international
megastars such as Luis Figo, Zinedine Zidane, Ronaldo and David Beckham
to the Bernabeu.
Perez departed after Real had lost out to England's Arsenal in the
Champions League but insisted that there was "no crisis" at the club.
During Perez's reign, Madrid won the Spanish league and Spanish Super
Cup double in both 2001 and 2003, with a superb 2002 sandwiched in
between when Madrid won the European Champions League, the European
Super Cup and the Intercontinental Cup.
Martin had cracked the whip two weeks ago when he dragged his
under-performing galacticos back into training two and a half days early
as punishment for an insipid display in a home draw with Real Sociedad
which all but ended any hope of catching runaway leaders Barcelona.
Barca, the reigning Spanish champions and Real's bitterest rivals,
rubbed salt in the wound on Wednesday by reaching the Champions League
final as they go in quest of only a second European crown - to nine for
Real - after a first win in 1992.