Atletico Madrid have agreed to sign Manchester City forward Julian Alvarez for a fee of £81.5 million.
The deal includes an initial payment of £64.4 million (75 million euros) with an additional £17.1 million (20 million euros) in potential add-ons.
This transfer would set a record for City, surpassing the £50 million Chelsea paid for Raheem Sterling in 2022.
Alvarez mentioned that he would decide on his future after Argentina’s participation in the 2024 Olympics football tournament, which ended last Friday when they were eliminated by hosts France. City manager Pep Guardiola had expressed his desire to keep the 24-year-old, stating earlier in August that he “counted” on Alvarez for the upcoming season.
“I count on him, but he said in the news that decisions will be made all together,” said Guardiola.
However, as seen with previous players like Ilkay Gundogan, Riyad Mahrez, and Aymeric Laporte, City will not hinder a player who wishes to leave. Atletico, who have also reached an agreement to sign Chelsea midfielder Conor Gallagher, are yet to finalize personal terms with Alvarez. The Argentine forward, who joined City in 2022 for £14.1 million from River Plate, has scored 36 goals in 106 appearances for Guardiola’s team.
Alvarez enjoyed a successful first season at the Etihad, winning the Treble, and played a role in Argentina’s 2022 World Cup triumph in Qatar. However, his position at Manchester City was always going to be challenging after his World Cup win in 2022. Arriving from River Plate as a relatively unknown player for a modest fee earlier that year, Alvarez had made 20 appearances for City – but fewer than half were starts.
Realistically, he was never going to displace Erling Haaland as the main striker, so he would have to compete with Phil Foden, Jack Grealish, Jeremy Doku, Bernardo Silva, and others for a wide position, or accept a backup role. Given his elevated status, the latter option was not feasible in the long term. Atletico, a major club with Champions League ambitions, presents an attractive alternative. For City, this transfer could mean more playing time for 20-year-old Brazilian newcomer Savinho, who arrived from Troyes for £30.8 million. It might also prompt Guardiola to strengthen his squad as they aim to win the Premier League title for an unprecedented fifth consecutive season.
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