Real Madrid have secured the services of highly rated Spain under-21 playmaker Isco for a fee of some €30 million, their first signing since the arrival of new coach Carlo Ancelotti.
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The 21-year-old midfielder, who was also a target for English Premier League club Manchester City, has joined from Malaga on a five-year contract, Real said on their website (www.realmadrid.com) on Thursday.
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He would have a medical examination and be presented at the Bernabeu stadium next Wednesday, they added.
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Real did not divulge financial details but a Malaga spokesman said the fee quoted in local media of some 30 million euros was "more or less accurate".
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Isco, whose full name is Francisco Roman Alarcon, spent several years at Valencia before returning to his native Malaga and has long been considered one of Spain's most promising prospects.
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He helped Malaga to the Champions League quarterfinals last season and caught the eye with a series of scintillating performances at this month's under-21 European Championship in Israel.