Juventus confirmed the clubs had agreed on a transfer fee of €100 million (approximately $117 million) plus €12m in fees for the 33-year-old Ronaldo, who signed a four-year contract.
Multiple reports in the past week said Ronaldo was in line to earn an annual salary of around €30 million (approximately $35 million).
Ronaldo’s contract with Madrid had three years left to run and was worth significantly less than those of his fellow superstars — Barcelona’s Lionel Messi and Paris Saint-Germain’s Neymar — despite the Portugal captain helping Madrid extend their record haul of European Cup trophies to 13.
However, despite Ronaldo’s deal having an official release clause of €1 billion, Madrid were reportedly willing to accept an offer worth 10 percent of that sum in order to free up space and capital to replenish their successful but ageing squad under new coach Julen Lopetegui.
Ronaldo, Real Madrid’s all-time leading goal scorer, will leave the club after leading them to four Champions League titles — including three in as many years — and he claimed a host of personal accolades and records from his time in Spain, including four of his five Ballon d’Or awards.
He issued a statement through Real Madrid calling his time in the Spanish capital as “the happiest years of my life.”
“These years at Real Madrid and in this city of Madrid have quite possibly be the happiest years of my life,” he wrote. “I only have feelings of great gratitude to this club, to the fans and to the city. I can only give thanks to all of them for the love and affection that I have received.
“However, I feel that the time has come to begin a new stage of my life and that is why I have asked the club to accept my transfer. I feel it this way and I am asking everyone, and especially my fans, to please understand me.”
Ronaldo signed his last contract with Madrid in November 2016, but reports said Perez had promised him a new deal after he helped the club win the Champions League in May 2017.
Then last December, Ronaldo said he wanted a raise after helping Real win the Club World Cup. A month later, a source close to the player said Ronaldo felt betrayed by the Spanish giants for not getting an improved contract.
In May, Ronaldo sparked speculation over his future again when, just moments after beating Liverpool in the Champions League final, he spoke about his time at the club in the past tense, saying, “It has been very nice being at Real Madrid.”