Formula One world champion Fernando Alonso will act as an ambassador for Real Madrid and carry the club's crest on his car if presidential candidate Juan Palacios is elected president.

"I only say things that are true and what I have said about Alonso will be a reality," Palacios was reported as saying in the Spanish media on Monday.

Palacios, who runs a successful watch business, is standing in the Real presidential election on July 2 and is reported to be a long-time friend of Alonso, a confessed Real fan.

But the proposal drew criticism from another candidate Juan Miguel Villar Mir, who said: "We aren't a brand of watches.

"This is all the wrong way round. Real should be receiving money from sponsors not paying it out."

The first time Alonso, who leads the Formula One championship, would be able to carry the Real logo on his Renault would be at the French Grand Prix on July 16.