Manchester United's David Beckham has agreed to join Real Madrid on a four-year deal after the clubs agreed to a transfer fee of around 35 million euros ($41.31million).
"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," United said in a statement in London.
Beckham, who flew to Japan on Tuesday on a promotional tour of Asia for his sponsors, is expected to undergo a medical at Real on July 1.
His talent will boost a Real midfield, which already includes Zinedine Zidane, Luis Figo and Claude Makelele, feeding the dream strike duo of Ronaldo and Raul.
Real will also be delighted with the commercial opportunities afforded by one of the most marketable men on the planet.
United manager Alex Ferguson told the club's website: "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 advisers throughout the past few weeks and thank them for their co-operation."
"Under the terms of the agreement, 7.5 million euros of the total fee will be paid upon completion of the sale, and 17.5 million euros over the following four years in equal installments."
The remaining 10 million euros is conditional upon Real Madrid's performance in the Champions League.
Last Tuesday, United announced they had agreed to a conditional bid from Barcelona for Beckham, but his agents said at the time he did not want to join the Catalan club.
Radio Marca reported that the 28-year-old England captain would be earning around six million euros ($7.08million) per year plus bonuses and that he had an option for a further year on his contract.
Real, on the verge of winning the Spanish league title as compensation for their failure to retain their Champions League crown, emerged as favourites for Beckham's signature as interest from Italian clubs AC Milan and Inter Milan waned.
Midfielder Beckham said last week that he had never promised to see out his career at United, but made no comment since United's statement on their agreement with Barcelona.
His agents issued a statement on June 10 saying he was 'surprised and disappointed' at United's announcement that they had agreed to a deal with Barcelona, Real Madrid's rivals.
Beckham has been at United since signing up as a schoolboy and had two years remaining on a contract he signed a year ago.
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