Real Madrid have announced the signing of Brahim Diaz from Manchester City on a six-and-a-half-year contract.
City were keen to keep the 19-year-old Spaniard but believe the initial fee of €17.3m, with potential add-ons of €7.3m, represents a good deal for a player who had just six months remaining on his contract.
The deal with City also includes a 15 per cent sell-on fee but, interestingly, it is understood that rises to 40 per cent should Real sell the Spain Under-21 international to Manchester United.
Diaz has been at City since joining from home-town club Malaga at the age of 14 but has seen first-team opportunities limited at the Etihad, with the likes of Raheem Sterling, Leroy Sane and Riyad Mahrez ahead of him in the pecking order.
Today I close a chapter of my life and I say goodbye to Manchester City, the club where I have grown," Diaz posted in a statement on social media.
"I came here being a kid and now I am a professional footballer.
"Thank you to all the managers in the club, from the academy to the first team, for believing in me because they taught me not only to be a better player, but a better person."
In total, Diaz has made 15 appearances for Pep Guardiola's side, his most recent being last month's Carabao Cup quarter-final win over Leicester.