Former Brazil soccer star and two-time World Cup winner Ronaldo bought a majority share in Spanish La Liga side Real Valladolid for a fee of 30 million euros ($34.6 million).
The former Real Madrid, Barcelona and Inter Milan goalscorer has purchased a 51 percent share of the club from the existing President Carlos Suarez. Valladolid is this year playing back in Spain's top division for the first time since 2014.
"We have the best people to meet our objectives," said Ronaldo at an unveiling event in Valladolid City Hall Monday. "It will not stop there because we want to grow to where our hopes allow us to."
Following news of the takeover going through, it was confirmed Suarez would continue in his role as president and remain on the club's board, despite seeing his 66 percent holding reduced.
"The arrival of Ronaldo puts Valladolid on the map and will allow the club to take a leap forward in quality. I welcome him to his home," said Suarez.
Ronaldo retired from soccer in 2011 and has since pursued a variety of business interests from ownership of a sports and entertainment agency to becoming an ambassador for a poker site. In 2015 he started a partnership with Brazilian billionaire Carlos Wizard Martins to set up soccer schools around the world in Ronaldo's name. Currently there are Ronaldo Academy programs in 16 locations across Hong Kong.
However, last month, Ronaldo was admitted to hospital with what he described as "a heavy flu" while on holiday in Ibiza, but has since returned home.
"It's going to be an amazing season with tons of great football and surprises." Ronaldo said on social media during his recovery in August.
His illustrious career saw Ronaldo twice win the World Cup, including scoring both goals in the 2002 final against Germany. That game acted as a form of redemption, after a dramatic illness on the eve of the final four years before, led to him being unable to perform to his potential against the host nation France in 1998.
He's had a longstanding partnership with Nike for over 20 years, totalling a reported $180 million in endorsements. His R9 Mercurial soccer boots were also recently reimagined and inspired the Nike Mercurial Superfly VI versions worn by French teenager Kylian Mbappe at World Cup 2018.
Ronaldo scored 247 career club goals over an 18 year period, as well as 62 goals in 98 appearances for Brazil, earning him the nickname "O Fenomeno" (The phenomenon) and is one of only four men who've received three FIFA World Player of the Year awards.
Now he's taken this step into soccer club ownership, Valladolid will be hoping some of his playing success rubs off on it.