Cristiano Ronaldo has joined Juventus from Real Madrid on a €100 million ($117.4 million) transfer.
Ronaldo was sold by Manchester United to Real Madrid in 2009 for €94 million.
Ronaldo will sign a four-year deal worth £500,000 per week.
In Italy clubs have to pay the same amount in tax, which takes the total cost of the transfer to €340 million (€100 million transfer fee plus €240 million in salary and taxes).
“I only have feelings of enormous gratitude for this club and for this city,” Ronaldo wrote in an open letter to Real Madrid fans. “I have had nine absolutely wonderful years at the club.
“Real Madrid has conquered my heart, and that of my family, and that is why more than ever I want to say thank you: thank you to the club, the president, the directors, my colleagues, all the staff, doctors, physios and incredible people that make everything work.”
He finished his letter by saying: “Thanks to everyone and, of course, as I said that first time in our stadium nine years ago: Hala Madrid!”
Real Madrid also released a statement on Tuesday saying that they had agreed to the transfer “at the will and the request of the player”. The statement added: “Real Madrid would like to express its gratitude to a player who has proved to be the best in the world and who has made this one of the most brilliant times in the history of our club.
“Beyond the titles he won during these nine years at the club, Cristiano Ronaldo has also been an example of dedication, work, responsibility, talent and constant improvement.”