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.