Brazil great and former Real Madrid striker Ronaldo has become the majority shareholder of LaLiga outfit Real Valladolid.
The World Cup winner has acquired a 51 per cent stake for a reported €30million and will serve as chairman of the board of directors.
He was presented during a ceremony at the Valladolid town hall on Monday alongside club president Carlos Suarez, who will continue in the role, and city mayor Oscar Puente.
Ronaldo, 41, retired from football in 2011 following a decorated career that included five full seasons in Spain with Barcelona and Madrid.
“I want everyone to form this club and invite the fans to participate in this project,” he told a news conference.
“Give us ideas, opinions, criticisms and hopes. I want you to be part of the present and future of Real Valladolid.”
Valladolid ended a four-season absence from LaLiga by winning promotion via the second-tier play-offs last term.
They have secured two 0-0 draws either side of a narrow 1-0 defeat to Barcelona in their opening three matches of the new season.