Sanz, who was 76 years old, was president of Real Madrid from 1995 to 2000. He died on March 21.
"The Royal Spsh Football Federation (RFEF) has awarded its highest award, the gold and diamond insignia, to Lorenzo Sanz. This has been decided by its Board of Directors in a remote meeting that has been held this Wednesday. The former president of Real Madrid from 1995 to 2000 passed away on 21 March and will be honoured posthumously by the RFEF," the club said in a statement.
The statement further stated that the insignia will be awarded to Sanz's wife and children after the coronavirus crisis ends.
"When the COVID-19 crisis ends, the Federation will orgze an act of remembrance for Lorenzo Sanz, in which his wife and children will be present and where the aforementioned insignia will be awarded to them. In this way, the RFEF wants to have a memory "with a person who has belonged to all the institutions of Spsh football", in the words of the president, Luis Rubiales," the statement read.
( With inputs from ANI )