Real Madrid believe that the quotes from the leaked audios published on Tuesday morning are part of a smear campaign against president Florentino Perez and his failed European Super League project.
The quotes come from 2006 and were originally published in 2015, so Los Blancos believe that the timing of their resurfacing forms part of a continued plot to tarnish their president's image.
In the leaked conversations, Perez called club icons Iker Casillas and Raul Gonzalez "frauds" and criticized players in general as "selfish" and not to be trusted.
Perez was one of the ringleaders of the breakaway European Super League project, as he remains its most vocal backer and still hasn't backed away from the idea.
While many have moved on and all but forgotten about that dramatic week in which the fabric of European football was almost torn apart, some at Real Madrid believe they and their president are still paying for it.
That could go some way to explaining why Perez's comments - in his words, "out of context" - have reappeared more than 15 years down the line.