Canales secures Valencia deal

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9 August 2012-PA Sport

Real Madrid has confirmed the departure of midfielder Sergio Canales to Valencia in a permanent deal.

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The 21-year-old spent last season at the Mestalla on a temporary basis after a two-year loan deal was agreed.

The deal contained a double clause which allowed Valencia to sign Canales permanently for a fee which was reported at the time to be 12 million euros ($14.03 million), and granted Real a repurchase option reported at 18 million euros ($21.05 million).

Los Che has now exercised its right to buy Canales, with the player reportedly signing a five-year contract.

A statement on Real's website confirmed: "Real Madrid CF and Valencia CF have concluded the agreement for the transfer of Sergio Canales. Real Madrid CF reserves a right of repurchase."

Santander-born Canales has represented Spain at every age group from Under-16 to Under-21.