MADRID, June 18 (UPI) -- Manchester United has reached an agreement to sell superstar David Beckham to Spanish rival Real Madrid for just over $41 million.
In a statement on its Web site, Manchester United said the deal likely will be completed next month, although Beckham already has agreed to terms with Real.
"David has been an integral part of all the successes that Manchester United have achieved in the last decade," said Manchester United Manager Sir Alex Ferguson. "I would like to wish him and his family every success in the future and thank him for his service to the club."
Under terms of the agreement, $8.8 million will be paid upon completion of the sale with another $20.6 million paid in equal installments over four years. The remaining $11.8 million will be paid based on Real Madrid's performance in the UEFA Champions League.
The soccer superstar is expected to sign the contract on July 2.