Manchester United today reached agreement for the transfer of David Beckham to Real Madrid for a fee of €35m (approximately £25m).
The deal is expected to be completed in July, conditional upon approval by the boards of Manchester United and Real Madrid, and on the provision of satisfactory payment guarantees.
David Beckham has agreed personal terms with Real Madrid and expects to sign his new contract with the club on completion.
Sir Alex Ferguson said: "I’ve known David since he was 11 years of age, and it’s been a pleasure to see him grow and develop into the player he has become. David has been an integral part of all the successes that Manchester United have achieved in the last decade. I would like to wish him and his family every success in the future, and thank him for his service to the club."
Peter Kenyon, chief executive of Manchester United, said: "While we are sad to see David go after so many great years at Old Trafford, we believe this is a good deal for the club, and we now look forward to building on the success of last season’s championship title. We wish David all the best in his new career in Spain and thank him for his fantastic contribution to the team’s achievements in the last decade. We have worked closely with David’s advisors throughout the past few weeks and thank them for their co-operation."
Under the terms of the agreement, €7.5m of the total fee will be paid upon completion of the sale, and €17.5m over the following four years in equal instalments. The remaining €10m is conditional upon Real Madrid's performances in the UEFA Champions League. Under the deal, €1.25m is payable in each of the next four seasons conditional on Real Madrid qualifying for the Champions League, and a further €1.25m is payable each season conditional on Real Madrid reaching the quarter-finals of the Champions League over the same period. All the deferred payments will be backed by acceptable guarantees.
Communications Office,
Manchester United PLC, Tuesday 17 June 2003 |