Manchester City have finalized a deal worth up to €95m (£81.5m) with Atlético Madrid for striker Julián Álvarez, marking a record transfer for the club. The Premier League champions will initially receive €75m, with the potential for that figure to increase based on various clauses, as the Spanish club works to finalize personal terms with the Argentine player.
The World Cup champion is keen to play a more prominent role, as he was predominantly viewed as Erling Haaland’s backup last season, making 54 appearances and scoring 19 goals, but rarely starting in his preferred No 9 position when the Norwegian was available.
It looks set to be a busy period for Atlético, who have also reached an agreement with Chelsea for midfielder Conor Gallagher at a fee of £33m. Álvarez would be the second forward to join Atlético this transfer window, following the acquisition of Alexander Sørloth from Villarreal, and the signing of defender Robin Le Normand from Real Sociedad.
City stands to make a substantial profit on the 24-year-old Álvarez, who transferred from River Plate in 2022 for an initial fee of £14m. Since then, he has secured every major title in world football, including the Premier League, Champions League, Copa América, and World Cup.
City’s previous record transfer was the £55m received from Ferran Torres’s move to Barcelona, and Pep Guardiola has indicated that they will seek new signings only if a player departs. Given Álvarez’s limited playing time last season, it seems likely that City will look to strengthen their squad, especially since their only senior signing so far this summer has been forward Savinho from Troyes.
Álvarez is currently taking a break after a hectic summer in which he not only won the Copa América but also helped Argentina reach the quarter-finals of the Olympics, where they were eliminated by France.
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City’s next challenge is against Manchester United in the Community Shield on Saturday, followed by their Premier League opener against Chelsea the subsequent Sunday.
