Falcao puts pen to paper for Monaco

MONACO: Monaco's billionaire Russian owner Dmitry Rybolovlev announced on Friday the signature of Colombia forward Radamel Falcao from Atletico Madrid in a deal believed to be worth around 60 million euros ($77 million).

"I would like to officially announce that Falcao has signed his contract," Rybolovlev said through a French interpreter at an event celebrating Monaco's promotion to the French top flight next season with Prince Albert of Monaco and coach Claudio Ranieri also present.

Rybolovlev didn't give any details about the size of the transfer, although Monaco said on their website the player had signed for five years. "I am very happy at his arrival," beamed Ranieri, who was Chelsea manager when they lost to Monaco in the 2004 Champions League semi-finals. "He is a very important player for us, a great player and a great goal scorer.

Although the fee has not been disclosed, media sources in France claim it is one of the largest, if not the largest in the country's history.

Falcao had a 60 million euro buy-out clause in his Atletico contract but some media sources claim the actual transfer fee is 45 million euros with the player due to pick up an annual salary of 14 million euros.

If those figures are accurate it would still make Falcao one of the most expensive buys in French football history.

The current biggest transfers were the 40-45 million euros Paris Saint-Germain paid AC Milan for Brazilian Thiago Silva and the 40 million euros they handed over to Sao Paulo for Lucas Moura.

Since being bought by the Qatar Investment Authority in 2011, PSG turned French club football on its head by bringing an unheard of and unrivalled spending potential into the country.

But Rybolovlev has already shown during the close season, since his side won promotion back to Ligue 1, that he is ready to compete with his chequebook.

Falcao arrived in the Principality on Monday night and undertook a medical on Tuesday while details of the deal were being finalised.

Since then the 27-year-old returned to Madrid, where he still has one last league match commitment to fulfil with Atletico.

According to some sources there is a get-out clause in a year's time if one of Europe's so called larger clubs, come in for Falcao. (AFP)