(Reuters) - Former Brazil striker Ronaldo, who is now president of LaLiga club Real Valladolid, has waived his remuneration after the club closed the financial year with a loss of more than five million euros.
Valladolid published a statement on Monday after their general shareholders' meeting and reported a negative balance due to the impact of the COVID-19 pandemic and the club's relegation to the second division.
"The president of the entity has waived the right to receive any remuneration for the year ending," the club said.
The 46-year old Ronaldo, a twice Ballon D'Or winner who also owns Brazilian club Cruzeiro, bought a 51% stake in Valladolid in 2018 for 30 million euros ($31.15 million) and increased his ownership by a further 21% a year later.
($1 = 0.9632 euros)
(Reporting by Angelica Medina in Mexico City, editing by Ed Osmond)
