Real Madrid have agreed to sell their unsettled Brazilian striker Robinho to Manchester City for €42 million ($61.6 million), the Spanish club's president Ramon Calderon said on Tuesday.
The 24-year-old had repeatedly said he wanted to join Chelsea, but Calderon told news radio Cadena Ser that the English club only offered €30 million for the player.
City took advantage of the stalemate to make a shock move on the same day that United Arab Emirates-based investment group, Abu Dhabi United Group for Development and Investment (ADUG), agreed to buy the club.
"Manchester City have made a dramatic late deadline-day swoop for Real Madrid's Brazilian forward Robinho," a statement on City's website confirmed.
City manager Mark Hughes believes the signing underlines City's determination to become a major force in the Premier League.
"I am absolutely delighted to get the opportunity to work with an incredible talent like Robinho," Hughes said. "I have said that in order to compete with the best teams in the Premier League, we have to be in the market for players of this calibre, and Robinho is undoubtedly one of the best players in the world.
"I am really looking forward to introducing him to the rest of the squad, and to the City fans at the earliest opportunity. This is a real statement of intent as to the ambitions of Manchester City Football Club."
"My feeling has always been that if a player is not happy, he should not remain at the club," Real Madrid president Ramon Calderon told Spanish news radio Cadena Ser after the deal was closed.
Calderon said it was the fourth-biggest transfer in football history, after the deals that saw Portugal's Luis Figo and France's Zinedine Zidane join Real, and the one that saw Ukraine's Andriy Shevchenko join Chelsea. "It's an extraordinary operation," he said.