Atletico Madrid said Wednesday they had signed Spanish international Victor Machin Perez, know as 'Vitolo', from Sevilla but immediately loaned him to Las Palmas to comply with a FIFA recruitment ban.
"Atletico de Madrid has reached an agreement with Víctor Machín Perez, Vitolo, for the next five years after the football player rescinded his contract with Sevilla," Atletico said on their website.
The 27-year-old winner of three Europa Leagues and 11 international caps will initially join Las Palmas on loan until January 1, 2018, when Atletico's recruitment ban expires.
The ban was imposed after the club had broken strict rules on the recruitment of youth players.
Sevilla president Jose Castro had said on Monday he had offered the player a new five-year deal at the club as the struggle for the gifted midfielder's services heated up.
But Spanish sports daily Marca reported that Atletico has now met the Sevilla release clause for Vitolo of 37.5 million euros ($43 million) and that the player passed his medical on Wednesday.