Spanish soccer giants Real Madrid have belatedly decided to launch their own women’s team, the Spanish Football Federation (RFEF) has confirmed.

Real have agreed to buy CD Tacón, a Madrid-based team promoted to Liga Iberdrola - the domestic women’s top-flight - at the end of last season. Spanish news outlet El Mundo reports that Florentino Perez has sanctioned a deal worth around €500,000 (US$569,775) for Tacón’s licence to be transferred to Real, with the re-branded team to take up their place in the league next season.

Confirming the arrangement, Rafael del Amo, president of the RFEF women's soccer committee, told Efe: "The Federation has had something to do, we thought it was very important that the best national teams have a female team, I always jokingly told my Real Madrid friends that they would not be great without a female team. I can say they are great"

The arrangement apparently only covers the first team, with a decision on an academy dependent on development. The women’s team will train and play at Real’s Ciudad Real Madrid complex in Valdebebas.

Tacón were founded in 2014 by the management company of ex-player Ana Rossell, AR10, with the idea of ultimately becoming part of the fold at Real once they had reached the top level.

Real now shed their tag as one of elite European soccer’s last clubs without a women’s team, with the Tacón acquisition allowing the historic club to invest in an existing side. Real’s big rivals, Barcelona, are the top-spending club in the Spanish women’s top-flight, spending close to €4 million (US$4.5 million) a year, but most club’s operate on a budget closer to €500,000.

The news comes shortly after the RFEF announced that next season there will be about €20 million allocated for women’s soccer, of which €6.5 million will go to the national team and the rest to club competitions. Of the club allocation the national soccer body will only contribute roughly seven per cent, according to Palco23, while the rest will come from commercial rights.