Real Madrid sign Canales on six-year deal

Real Madrid have agreed to sign Racing Santander’s 18-year-old midfielder Sergio Canales, the two Spanish clubs said in a statement on Friday.

“Real Madrid C.F. and Real Racing Club Santander have reached a deal for the transfer of player Sergio Canales Madrazo.

“The contract will take effect as of 1 July 2010 and will keep Canales at Real Madrid for the next six seasons,” the statement said.

Spanish media reports say Real Madrid will pay Racing Santander some five million euros for Canales’ signature, who will then be loaned back to the Los Verdiblancos for one year.

Canales has played eight matches this season, starting four and scoring five goals.