Cristiano Ronaldo, the exciting young Portugal forward, was handed the No7 shirt vacated by David Beckham after arriving at Manchester United yesterday with a big reputation and an even bigger price tag. At £12.24m, the 18-year-old with a CV incorporating only 25 first-team appearances in the Portuguese Superliga becomes the most expensive teenager in the history of the British game.

Sir Alex Ferguson immediately hailed his fifth signing of the summer as "one of the most exciting young players I've ever seen" and Eusebio predicted he would flourish in Beckham's jersey. "At that age Ronaldo is not just a footballer, he is waiting to be an icon," said the Portuguese legend. "He would enhance any team, any league anywhere. I really believe he is that good."

Nevertheless, it was to widespread surprise that the champions announced that the signing from Sporting Lisbon had cost €17.35m, particularly as Ronaldo would have become a free agent in a year. To put it in context, Sporting were willing to sell Ricardo Quaresma, their outstanding 19-year-old winger who is ranked ahead of Ronaldo in terms of development, to Barcelona for €6m earlier this summer.

Ronaldo's transfer also highlights how much money does not get recycled into the game. It is understood Sporting will receive only two-thirds of the transfer fee, with the remainder - in United's words, "associated costs" - being shared among Ronaldo's advisers.

United, notoriously careful with their money, insist the fee represents good business even in a depressed market for one of the best young prospects in Europe, albeit one who has yet to play for Portugal's senior team.

But it is unlikely United would have been willing to spend so much had it not been for the late intervention of several clubs, including Real Madrid, Juventus and Chelsea. Not even Roman Abramovich, Chelsea's billionaire owner, was willing to get involved in an auction once the finances involved became clear.

"We have been negotiating for Cristiano for quite some time, but the interest in him from other clubs accelerated in the last few weeks so we had to move quickly to get him," admitted Ferguson. "It was only through our official association with Sporting that they honoured our agreement."

Ferguson did not agree that the transfer is an expensive gamble. "He is an extremely talented footballer, a two-footed attacker who can play anywhere up front - right, left or through the middle.

"After we played Sporting last week the lads talked about him constantly and on the plane back from the game urged me to sign him. That's how highly they rate him."

Those feelings are clearly mutual, with Ronaldo saying he was joining "the best team in the world". He added: "I'm especially proud to be the first Portuguese player to join United and I'm looking forward to helping the team achieve even more success."

Ferguson may include Ronaldo in tonight's friendly at Stoke, a match that will otherwise be notable for the debut of Kleberson, whose £5.9m transfer was concluded yesterday.

"It is the biggest opportunity of my life," Kleberson said. "Other clubs were interested, but they weren't United."

Ferguson has hit back at Juan Sebastian Veron after the Argentinian suggested he had been misled over his £15m move to Chelsea. "Seba knew all along what was happening," the manager said, "so to say I was two-faced about it is a disgrace."

Young, gifted and expensive



Antonio Cassano Age 18

Joined Roma from Bari for £19m in March 2001. A year earlier Manchester United considered bidding £16m for the forward and he was again linked with Old Trafford in the summer though he is still with Roma.

Javier Saviola Age 19

Cost Barcelona £16m from River Plate in July 2001 and though the forward plays regularly for the Catalan club he has not torn up many trees and missed out on Argentina's World Cup squad last year.

Ronaldo Age 17

Left Cruzeiro for PSV in summer of 1994 and after two seasons joined Barcelona for £12.8m. A year later he went to Inter for £19m where he suffered career-threatening knee injuries. His goals propelled Brazil to the 2002 World Cup and he promptly moved to Real Madrid for £29m.

Hugo Viana Age 19

Joined Newcastle from Sporting Lisbon for £8.5m in June 2002 but the midfielder has failed to win a regular place in the starting line-up.

Cristiano Ronaldo 18

Sporting Lisbon-Man Utd £12.24m, August 2003.