Atletico Madrid have completed the signing of Julian Alvarez from Manchester City on a six-year contract, the Spanish club have announced.
The deal is understood to be worth over €95m in total, with an initial fee of €75m and €20m in add-ons amounting to a record sale for City.
It represents a significant profit on a player signed from River Plate and underlines manager Pep Guardiola's willingness to let unhappy players leave.
Alvarez enjoyed astonishing success in his debut 2022-23 season for City. By Christmas of that season he was a world champion with Argentina and went on to win the treble of Premier League, FA Cup and Champions League with his new club, who retained the English top-flight title last season.
Alvarez told City's website: "Today I say goodbye to this amazing club, with a lot of emotion.
"These have been two very special years. During this time, I have grown and learnt a lot - both as a player and as a person.
"To the directors and the technical staff, thank you for your confidence and support. Your teachings and vision have helped me to develop so much.
"To my team-mates, thank you for every moment we have shared, for the effort and dedication in every training session and every match.
"I have learnt a lot from each and every one of you and I remain with memories and friendships that will last forever."
AC Milan have completed the signing of defender Emerson Royal from Tottenham for an undisclosed fee.
The 25-year-old Brazil international has agreed a four-year contract with the Serie A club, with the option of a further 12 months.
Emerson scored four goals in 101 appearances for Spurs after joining from Barcelona in 2021.
"We have reached agreement with AC Milan for the transfer of Emerson Royal," read a statement on the Premier League club's website.
"We wish Emerson all the best for the future."
Tottenham later announced striker Dane Scarlett has joined Championship side Oxford on a season-long loan.
The 20-year-old, once Spurs' youngest first-team player when he made his debut in the Europa League in 2020, has had previous loan spells at Portsmouth and Ipswich.
Chelsea defender Caleb Wiley will spend next season on loan at French Ligue 1 side Strasbourg.
The Blues signed the 19-year-old left-back from Atlanta United last month and following his stint at the Olympic Games with the USA, he will join up with the club that is now being coached by Liam Rosenior.
Ben Knight has left Manchester City to join Spanish side Real Murcia on a permanent deal.
The 22-year-old midfielder, who has previously had loan spells at Crewe and Stockport, made his only competitive City appearance in the 2021 Community Shield.
