Real Madrid sign Luka Jovic for reported €65M fee

The Real Madrid rebuild is officially underway.

The Spanish club announced the signing of Serbian striker Luka Jovic on Tuesday, reportedly paying Eintracht Frankfurt an initial €65-million fee to secure the services of the powerful 21-year-old.

"From a sporting point of view, selling Luka Jovic is a big blow," Eintracht Frankfurt sporting director Fredi Bobic said. "His explosiveness and capacity to score goals propelled us into Europe and we have benefited from more than just his goals in the past two years.

"But it was clear that there was a limit to what kind of bid we could refuse. For Eintracht Frankfurt, this is a good and important transfer. We wish Luka all the best in the future. He has all the attributes to have a great career. And we are proud that we have supported him on his way."

Jovic, who scored 27 goals between the Bundesliga and Europa League action this past season, is the first in what's expected to be a long, opulent line of moves for Real Madrid this summer.

Coming off a dismal campaign, Los Blancos are just getting started with their retooling project; Eden Hazard is widely expected to arrive at the Santiago Bernabeu imminently.

Meanwhile, Jovic's arrival should take some of the burden off Karim Benzema, who provided the only consistent scoring threat this past season in the wake of Cristiano Ronaldo's departure.

The deal also signals a shrewd piece of business for Eintracht, who made Jovic's loan move from Benfica permanent for a paltry fee before cashing in on Tuesday.