Manchester City have signed Argentine World Cup winner Enzo Fernández from Chelsea for a Premier League record-equaling £125 million ($169m) fee.
City said Tuesday that the midfielder had signed a five-year deal with the club after sources told ESPN that the two clubs had settled on a fee that matches the amount Liverpool paid Newcastle to sign Alexander Isak last summer.
Fernández was part of the Argentina team that won the World Cup in 2022 before finishing runners-up to Spain in North America this summer.
"Every player wants to be part of a club like this because everyone knows how well-run City are," Fernández said in Man City's announcement.
"I could not be happier to be here, and I am ready for the challenge of helping City continue winning trophies. This is a club built for success."
Chelsea initially set a deadline of Aug. 14 for any interested parties to formalize their interest in a bid to close the issue before the start of the Premier League season.
Sources say the Blues had set an asking price of £120m and communicated this to all parties in late May.
However, that deadline passed without any activity, but Fernández has been firm in his insistence he wanted to leave the club.
City stepped up talks in the last 48 hours in an effort to secure a deal and that agreement has now been reached with Chelsea effectively receiving £5m over their asking price.
The club was determined to secure a profit on a player they signed from Benfica for £107m in February 2023.
The 25-year-old was booed by supporters at Stamford Bridge during both their final preseason friendly against Real Sociedad and in their Premier League opener against Fulham.
New Chelsea boss Xabi Alonso then left him out of their midweek Carabao Cup win against Luton, claiming the pair had decided "it was better [for him] not to be part of the squad."
- Transfer Deadline Day LIVE: Latest updates on Fernández, Ndiaye, Álvarez, more
- Premier League 2026-27 summer transfers: All confirmed ins, outs for every club
Fernández repeatedly questioned his future during last season -- telling ESPN Argentina in the immediate aftermath of their Champions League exit to Paris Saint-Germain that he didn't know if he would be at the club next season.
Former head coach Liam Rosenior then dropped Fernández for two matches following an interview in which he expressed his fondness for the city of Madrid amid speculation linking him to Real.
Chelsea were attempting to secure a replacement but after agreeing a €55 million ($64m / £47m) deal with AS Monaco for midfielder Lamine Camara, the French club reneged on the deal, sources told ESPN.
Information from ESPN's Rob Dawson contributed to this report.
