The biggest news of the transfer season was announced late on Tuesday night in Greece, when Real Madrid announced the sale of their top goalscorer Cristiano Ronaldo to Italian champions Juventus for a fee of €105 million (AU$166 million).

Most of the negotiations took place in Greece, as Ronaldo was taking some time off after his efforts with Portugal during the World Cup and before the new season begins. Juventus chairman Andrea Agnelli personally flew to Greece on Tuesday where he met with the five-times Ballon d’or winner.

Ronaldo has been vacationing at the Costa Navarino resort, which is where he met with Agnelli in order to complete the transfer. Once the deal had been signed and was announced, he released an open letter in order to bid his former club farewell. He justified his decision by saying that “the time has come to open a new stage” in his career.

During his nine years in Madrid, Ronaldo has managed to score 450 goals in 438 games. He leaves having won 15 trophies, including four Champions League titles, and two Primera Division Championships. He also managed to be voted Player Of The Year four times during his tenure at Real, and to collect three Golden Boots, scoring the most goals in Europe for three seasons.

Ronaldo’s contract with Juventus will see him earning €30 million (AU$47.5 million) per year until 2021.