• Monday, July 15, 2024
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BusinessDay

Real Madrid confirm signing of PSG star Mbappe

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Spanish football giants Real Madrid have officially announced the signing of Kylian Mbappe on a free transfer following his departure from Paris Saint-Germain (PSG).

The 25-year-old France captain, who holds PSG’s all-time scoring record with 256 goals in 308 appearances, has signed a five-year contract at the Bernabeu worth €15 million (£12.8 million) per year after tax.

Mbappe will receive a signing-on bonus of just over £85 million, which Real Madrid will pay in instalments over the duration of his contract.

The 2018 World Cup winner joins Los Blancos just two days after Carlo Ancelotti’s side won their 15th Champions League title, completing a double as they were also crowned La Liga champions.

A brief statement from the European champions announcing Mbappe’s arrival read: “Real Madrid CF and Kylian Mbappe have reached an agreement whereby he will be a Real Madrid player for the next five seasons.”

Mbappe expressed his joy on social media by posting pictures of himself as a child wearing a Real Madrid kit, captioned: “A dream come true. So happy and proud to join the club of my dreams, Real Madrid. Nobody can understand how excited I am right now. Can’t wait to see you, Madridistas, and thanks for your unbelievable support. Hala Madrid!”

Real Madrid have long been a long admirer of Mbappe and previously attempted to sign him in 2022, but the forward chose to commit to a new two-year deal with PSG.

However, Mbappe opted not to activate a one-year extension in his PSG contract, allowing him to move for free this summer, just six years after joining PSG from Monaco for £166 million.

Mbappe’s departure, announced last month, has freed up at least €220 million (£187.5 million) in gross costs for PSG.

The journey to Mbappe’s signing began nearly two years ago after he initially declined a move to Real Madrid in May 2022. Under significant pressure from Paris, France, and Qatar, Mbappe renewed his contract with PSG just when Real Madrid was prepared to welcome him. Despite the setback, reconciliation quickly followed, setting the stage for his signing this summer.

Real Madrid president Florentino Perez secured Mbappe, who ensured his freedom by June 30, 2024, a year earlier than initially agreed with PSG.

Perez and Mbappe executed a strategic plan last summer to finalize the signing, with Perez making PSG uneasy by denying ongoing negotiations and Mbappe steadfast in his decision not to extend his contract with PSG. This meticulous approach ultimately brought Mbappe to the Santiago Bernabeu.