Real Madrid have completed the signing of Mateo Kovacic from Inter Milan on a six year contract.

Madrid did not confirm the value of the deal but Kovacic, 21, is reported to have cost around €30 million. A statement on the Spanish club’s official website read:

“Real Madrid C. F. and Inter Milan have agreed to the transfer of Mateo Kovacic, he will remain at the club for the next six seasons. The player will be presented tomorrow, Wednesday 19 August at 1 p.m., in the presidential box at the Santiago Bernabeu, after undergoing a medical. Afterwards, Mateo Kovacic will step out onto the pitch at the Santiago Bernabeu for the first time wearing the Real Madrid shirt and talk to the media in the press room.”

Inter boss Roberto Mancini had previously confirmed that his side had accepted Real’s offer for Kovacic as they needed to balance the books. “Unfortunately there are financial fair play rules to respect and I don’t think any of us wanted this, but to respect UEFA’s parameters we had to do something,”  Inter Mancini told Mediaset television.

“That does not mean we won’t build a side capable of being competitive. We’re all sad, from the president down to the players, but given these rules, you have to make sacrifices. I’m sorry if some people can’t understand that.”

The reported fee would mean a healthy profit for Inter on the €11m paid for the then 18-year-old when he arrived from Dinamo Zagreb in January 2013.