Monaco owner announces Falcao signing
© AFP

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 €60m.

"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 the club's official website the player had signed for five years. 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.

Monaco vice-president Jean-Louis Campora added: "We will not be giving any details on the content of the contract right now because we have an appeal in progress. We will give them in the future." That appeal relates to a decision by the Professional Football League that forces Ligue 1 teams to be based in France.

"I want to thank all those who believed in our success," continued the Rybolovlev. "Managing a club as important as Monaco is a great honour. I have an incredible feeling and great pride but this is just the beginning."

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.