Alvaro Morata's two-year spell with Juventus has officially come to an end with the Serie A club confirming on Wednesday that Real Madrid have activated the buy-back clause in his contract.
Although details of the deal had already been reported by both clubs, Juventus have now released an official statement detailing the financial aspects of the agreement, which has now been signed and sealed.
"Following the exercise by Real Madrid Club de Futbol of the option right to buy back the registration rights of the player Alvaro Borja Morata Martin, Juventus Football Club S.p.A. announces that the definitive disposal of the same player has been finalised for a consideration of € 30 million payable in two financial years, net of the amount still due by Juventus for the purchase of the same player (€ 10.7 million)," the statement to the Turin-based club's shareholders read.
"This transaction generates a positive economic effect, in 2016/2017 financial year, for about € 16 million and a net positive cash flow of € 19.3 million in 2016/2017 and 2017/2018 financial year."
In a separate statement on Juventus' official website, the Bianconeri paid tribute to and thanked the Spain forward for the two years he spent with them.
"With 27 goals to his name in 93 appearances -- the vast majority of them scored in crucially important matches -- Morata departs the club as a firm favourite among fans and team-mates alike and can look back with pride on a richly fruitful spell in Northern Italy," the statement read under the headline 'Gracias, Alvaro.'
"Since introducing himself to his new supporters with a maiden strike away at Atalanta on 27 September 2014, few players have been able to replicate Alvaro's penchant for raising his game when it was needed most.
"The Spaniard's habit of rising to the challenge on the big stage was no more evident than in the Champions League, a competition for which the 22-year old consistently saved his finest performances during his time with the Bianconeri."
"Fittingly, the number 9's final intervention in a Juventus jersey, a typically incisive finish past Gianluigi Donnarumma in the Milan goal at Rome's Stadio Olimpico in May, would hand his team a second consecutive domestic double in the only way that he knew how: with great style and under remarkable pressure.
"All associated with Juventus Football Club would like to wish Alvaro the very best of luck wherever his future may take him and thank him for two truly excellent years of service to the team. Gracias, Alvaro."