Real Madrid have confirmed former director Ramon Calderon as the winner of the presidential elections.
Calderon claims Robben, Kaka and Fabregas are Bernabeu bound
The 55-year-old lawyer had claimed victory on Sunday night but the club refused to confirm the news, saying postal votes still had to be counted.
However, Real's board have since decided not to consider postal votes, saying they were creating controversy and delaying the process too long.
Calderon received 8,344 votes while Juan Palacios was second with 8,098.
A delighted Calderon said: "For any member of this club, becoming president of Real Madrid is a dream come true - one's prayers have been answered and it's a great responsibility.
"Real Madrid belongs to all its members and I want to be the president of
every single one of them."
Ernesto Toth, secretary of the electoral board said: "Regarding the situation created and considering the time limits, we have decided to exclude the postal votes."
But one of the five candidates, Juan Miguel Villar Mir, had earlier announced he would challenge the result to ensure votes sent by post were included in the poll.
"Mr Calderon can shut up and stop celebrating a victory," said Villar Mir, a 74-year-old lawyer who was Spain's finance minister from 1975-76 and Madrid's vice president in the 1990s.
"The votes sent by post have not yet been counted."
A spokesman for the club confirmed that Calderon had received 8,344 votes, 246 more than former board member Palacios and 1,642 more than Villar Mir.
Calderon has said he is keen to appoint Fabio Capello as manager
The other two candidates, former president Lorenzo Sanz and lawyer Arturo Baldasano, trailed well behind in the poll, which was sparked by the ousting of Fernando Martin in April.
Approximately 42% of the 66,355 club members who were entitled to vote attended Sunday's poll in person.
A judge suspended the postal vote on Friday after Calderon and other candidates raised concerns over the lack of guarantees to ensure its legitimacy.
Calderon has said that he will appoint former player Predrag Mijatovic, the Serbia & Montenegro striker who scored the winner in the 1998 Champions League final, as sporting director.
And he has spoken of bringing Juventus boss Fabio Capello back as coach.
Calderon has also pledged to bring Arsenal midfielder Cesc Fabregas and Chelsea winger Arjen Robben to the club and has said he is trying to close a deal to sign AC Milan's Brazil midfielder Kaka.
The new president will be expected to turn round Real's fortunes after their worst run of form in 52 years. The club have have not claimed any major silverware since clinching the league title in 2003.
The presidency has been in question since the end of Florentino Perez's six-year tenure in February, when he resigned as he felt the club needed a new direction.
Vice-president Fernando Martin was immediately promoted to replace him but his stint as president lasted only two months before he too resigned.
Luis Gomez-Montejano, being the eldest member of the board, was then put in charge on an interim basis until Sunday's elections.