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It’s official! After years of speculation and repeated hints, Florentino Perez has finally brought Jose Mourinho back to Real Madrid. On Monday, multiple reports confirmed that the Portuguese tactician had agreed to return for a second tenure as Los Blancos’ head coach, 13 years after his first spell ended in controversy.

The confirmation itself wasn’t entirely unexpected. Just last month, it emerged that Mourinho was Perez’s top choice to replace Alvaro Arbeloa, who had stepped in following the abrupt dismissal of Xabi Alonso in January. Even so, the timing of this announcement has caught many by surprise.

Real Madrid are in turmoil. Their president is under immense pressure, the dressing room is divided, and off-field chaos has led to fans demanding the sale of certain star strikers. Bringing Mourinho back into this volatile mix feels like adding fuel to an already raging fire.

So, who stands to gain and who might lose from this high-risk decision? Let’s take a closer look at the big winners and losers of Perez’s latest gamble.

WINNER: Jose Mourinho

Few in football possess the same self-belief as Jose Mourinho. For him, returning to manage one of the biggest clubs in the world will feel like a homecoming. Yet, it’s hard to ignore the reality that ‘The Special One’ hasn’t been truly special for quite some time.

While Benfica recently expressed interest in keeping him after hiring him only last September, Mourinho’s previous four employers – Fenerbahce, Roma, Tottenham Hotspur, and Manchester United – all parted ways with him without much regret.

When Mourinho first arrived at Madrid in 2010, he was widely viewed as the top coach in world football, fresh off a historic treble with Inter Milan and prior triumphs with Chelsea and Porto. Now, however, he hasn’t lifted a league title since 2015, with the UEFA Conference League being his only major silverware in the past nine years.

While Mourinho has often criticised younger managers for being handed top jobs too soon, his own recent record offers little justification for such a prestigious appointment. Therefore, he owes a great deal to Perez for granting him this opportunity to prove he can still compete at the highest level.

LOSER: Florentino Perez

Florentino Perez has finally got his man – again. The Madrid president firmly believes that managing the club requires a unique personality, and to an extent, he’s right. Legends like Zinedine Zidane and Carlo Ancelotti succeeded because of their calm demeanour and natural authority, qualities that helped them handle a dressing room full of superstars.

But Mourinho is nothing like Zidane or Ancelotti. He doesn’t calm tensions; he stirs them. His ‘truth bombs’ and disregard for diplomacy have often left chaos in their wake. Though once considered a master motivator, his confrontational methods have lost their effectiveness – and even during his first stint at Madrid, they were far from universally successful.

Mourinho did manage to end Barcelona’s dominance in La Liga, but his tenure collapsed under internal conflicts, losing the support of senior players like Sergio Ramos and Iker Casillas. Casillas himself opposed Mourinho’s return this time, but his objections were ignored.

Now, Perez has bet his presidency on Mourinho’s revival. It’s a daring move – but one that seems destined to backfire rather than pay off.

WINNER: Barcelona

Hansi Flick initially welcomed Alonso’s appointment at Madrid, aware that it could signal trouble for Barcelona. Flick, who had previously interacted with Alonso during his time as Germany coach, admired the Spaniard’s tactical philosophy.

Alonso’s arrival hinted at a shift in Madrid’s footballing identity – a more modern, collective approach instead of the star-centric style Perez has often favoured. However, despite a promising start to the season, which included a 2-1 Clasico win and a five-point lead over Barca, Perez quickly lost patience when results dipped.

Faced with choosing between supporting Alonso’s long-term vision or appeasing unhappy stars led by Vinicius Jr, Perez chose the latter. The result: Alonso’s project was scrapped after just six months, and Madrid now find themselves in disarray once more.

While Alonso’s reputation remains intact, Perez’s has suffered badly. In his desperation, he’s turned again to Mourinho – just as he did back in 2010.

Although Barcelona will remain wary of Mourinho, who won both the Copa del Rey and La Liga during his previous stint, his return isn’t likely to worry them too much. Flick’s young, unified squad has lifted consecutive titles, while Madrid’s dressing room remains divided. Expect Barca’s cohesive side to outclass their rivals’ collection of individuals next season.

LOSER: Vinicius Jr

If Vinicius Jr clashed with Alonso, his relationship with Mourinho could be even rockier. Tensions already exist from a controversial incident earlier this year.

Back in February, Mourinho accused Vinicius of provoking the ugly scenes at Estadio da Luz, where the Brazilian was subjected to vile abuse from Benfica fans and player Gianluca Prestianni after scoring in a Champions League play-off. Although Prestianni was punished for homophobic behaviour, he escaped sanctions for alleged racial comments – an allegation he has always denied.

Mourinho’s comments to Amazon Prime at the time caused outrage worldwide: “I told [Vinicius], when you score a goal like that you just celebrate and walk back... There is something wrong because it happens in every stadium. A stadium where Vinicius plays something happens, always.”

Many saw this as victim-blaming, suggesting Vinicius was at fault for the racist abuse he regularly faces. Now, with Mourinho back in charge, it remains to be seen how this dynamic will affect Vinicius’s future – especially as his contract runs out next year and top European clubs circle.

WINNER: Real Madrid rightsholders

Whatever one thinks of Mourinho, his presence guarantees attention. While his tactical innovations may have waned, his ability to generate headlines is unmatched.

For broadcasters and media partners, Mourinho’s return is a dream. He’s a constant source of quotes – sometimes witty, sometimes inflammatory – and always captivating. Whether he’s winning or losing, people tune in to watch him.

As such, La Liga, Champions League, and Copa del Rey rightsholders will all benefit from the global interest that follows ‘The Special One’. Love him or hate him, Mourinho ensures everyone has an opinion.

LOSER: Spanish football

When Mourinho infamously poked Barcelona assistant Tito Vilanova in the eye after a heated Clasico in August 2011, Gerard Pique accused him of “destroying Spanish football.” Harsh words – but not without truth.

As Andres Iniesta later told La Sexta, Mourinho “cultivated an atmosphere of hatred” between Madrid and Barca, damaging the unity that had fuelled Spain’s national team success. Iker Casillas echoed this sentiment, revealing how his attempts to repair relations with Xavi Hernandez and Carles Puyol infuriated Mourinho.

“I said we were going to end up placing a burden on Spanish football and that we needed to smooth things over between us,” Casillas told AS in 2016. “Maybe that didn’t sit well [with Mourinho] that I talked to people from Barcelona to ease the tension...”

Now, with Madrid and Barca already accusing each other of corruption and referee manipulation, Mourinho’s return could reignite old hostilities. To borrow Pique’s words from 2011: “This will end very badly.”