Real Madrid forward Cristiano Ronaldo has reached a deal with the Spanish tax authorities to serve two years in prison and pay a 18.8 million euro ($21.8 million) fine in a tax evasion case, newspaper El Mundo reported on Friday.

Ronaldo is unlikely to serve any time in jail under the deal because Spanish law states that a sentence of under two years for a first offence can be served on probation.

The 33-year-old Portuguese footballer, who is accused of evading 14.7 million euros in taxes, has denied all the allegations through his agents.

IMAGE: Cristiano Ronaldo

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