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The signing of Amancio by Real Madrid almost did not happen; had it not been for Santiago Bernabéu Yeste’s insistence in signing the player, his astronomical signing-fee would have spoiled the negotiations.

In July 2000 he put himself forward as a candidate for the Presidency and the board of directors of Real Madrid which the President of the Club, Florentino Pérez, ending up being elected member of the Board. From this position he favored the incorporation of former Real players in different positions of responsibility of the club. The board of directors agreed that Amancio would be in charge of the 100th anniversary of Real Madrid.

In the 1984–85 season he took charge of the first team. However, the outcome was not as good as expected, and Amancio left his post. After a time as a consultant, Amancio left Real Madrid to join the sports company Kelme, becoming a representative responsible for the Madrid area.

Upon retiring, Amancio began a new phase on the bench. He began coaching the junior teams of Real Madrid during a season. After one season he decided to dedicate himself to his businesses. In 1982, he was readmitted by Luis de Carlos, who had just won the club's presidential elections.

Amancio retired in 1976 and joined the coaching staff of Real Madrid.

During the 1963–64 season, Amancio and Real Madrid reached the final of the European Cup, only to be beaten by Inter Milan by 3–1. The following season brought more heartache, with Benfica eliminating the youthful Madrid side in the quarterfinals. The ensuing season brought success for Madrid, as Miguel Muñoz added young players such as Pirri, Velázquez, Sanchís and Grosso. This was known as the "Yé-Yé" team. Strong at the back, and devastating going forward, Madrid fought their way to another final, this time against FK Partizan. The venue was Heysel Stadium in Brussels, and on 11 May 1966, Amancio stepped out on to the pitch for his second and last European Cup final. FK Partizan's Velibor Vasović scored the first goal of the match. Amancio drew level twenty minutes from the end, after collecting a signature pass, faking out a defender and skillfully booting the ball past the Yugoslav keeper Milutin Šoškić. Five minutes later, a thunderous shot by teammate Serena from 30 metres out settled the game. It was Amancio's first and only European Cup winner's medal. In his first 6 seasons in Madrid, he won a breathtaking 6 La Liga titles. He would then go on to win another 3, giving him 9 titles in total. He even took the title of Pichichi on back to back occasions, 1969 and 1970.

Amancio wore the Spanish jersey on 42 occasions, debuting before Romania. With the team, Amancio was a participant of one of the greatest achievements in the history of the team: winning the 1964 European Football Championship by a 2–1 score against the defending champions, the Soviet Union.

Along with the signing of Amancio by Real Madrid in June 1962, players such as Ignacio Zoco, Lucien Muller, and Yanko Daucik also arrived. During this time the team was in a transitional phase, since in earlier years the team had swept the competition both in Spain and outside its borders. Amancio made his debut in European competition opposite Anderlecht (3–3 result in the Santiago Bernabéu); and in the league against Real Betis in Seville with a 5–2 win for Real Madrid.

Amancio Amaro began his career aged 15 at local side, Victoria Club de Futbol, in the district of Santa Lucia. In the 1958–59 season he joined Deportivo de La Coruña, which at that time was in the Spanish second division. When Deportivo were promoted to first division, Amancio started to call the attention of the scouts for major teams, such as Real Madrid.

Amancio Amaro Varela, (born 16 October 1939 in A Coruña, Galicia) commonly known simply as Amancio, is a former Spanish football player. Nicknamed El Brujo (The Wizard) he played |outside right for Deportivo de La Coruña, Real Madrid and the Spanish national team.