Kaka joins Real Madrid in world record transfer

Kaka has blamed the world economic crisis for AC Milan's decision to sell him for a record £59million. The Brazilian playmaker agreed a six-year contract with Real Madrid worth around £170,000 a week after passing a medical late last night.

A jubilant Madrid president Florentino Perez claimed this morning that he will now turn his attentions to signing Cristiano Ronaldo from Manchester United after securing Kaka.

Real's offer proved too tempting for Milan owner Silvio Berlusconi and Kaka insisted the pair had not fallen out over the move.

The 27-year-old, who claimed he turned down a £100m transfer to Manchester City in January because he did not want to move in mid-season, said: "I'm not disappointed in my relationship with Milan. There has never been a financial crisis like this one.

"The club needed to make this sacrifice and I understand this very well. I don't blame the club for this.

"Everything I've done for Milan has been by mutual agreement, from the moment I arrived until my departure. I'm leaving by the front door.

"Manchester City and Real Madrid are two different clubs with different situations. At that time, it was mid-season, I had a strong emotional impact due to the Italian fans requesting me to stay and I decided to stay.

"Now another chance came up and AC Milan are in a big crisis, financially. For me, the sporting project at Madrid is interesting and will be an important boost to continue my career in the highest level."