Real Madrid president Florentino Perez called for elections at the club in an extraordinary press conference on Tuesday.
The Spanish giants organised a press conference at short notice, leading to speculation as to whether Perez may resign or announce Jose Mourinho as the club's next manager.
The 79-year-old quickly clarified any uncertainty over his position, insisting he was "not going to resign" in front of the media at Valdebebas.
The Real Madrid president then called for fresh elections and hit out at what he deemed was a campaign against him by some media outlets.
Perez calls for elections, denies illness in press conference
"I'm going to call an election," Perez told reporters. "I've asked the electoral committee to begin the process of organising elections for the board of directors, of which this Board of Directors will stand as candidates.
"At Real Madrid, there is no single owner; it is the 1,000 members who make up the club.
"I have taken this decision because an absurd situation has arisen, caused by campaigns against the interests of Real Madrid and against me. The results haven't been the best, but in sport you don't always win."