Spanish tax authorities have approved a tax dispute with Portuguese footballer Cristiano Ronaldo requiring him to pay nearly €19m.

Ronaldo, who played for Spanish club Real Madrid till the last season, was fined €3.2m ($3.7m) and was sentenced to 24 months in prison, which he is unlikely to serve.

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According to Spanish legislation, any sentence of two years and less for financial crimes can be served in probation.

Under the settlement with the Spanish authorities, Cristiano Ronaldo will pay €5.7m in taxes, €1m in accrued interest and €250 daily for 48 months to cover the prison sentence alongside the fine of €3.2m.

Overall, the amount is estimated to be around €19m.

Ronaldo was accused of committing four counts of tax fraud between 2011 and 2014 valuing €14.7m.

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The Spanish prosecutor accused the Portuguese player of using offshore companies to conceal additional income.

However, Ronaldo denied committing any wrongdoing while he was questioned by the court in July last year, reported Si.com.

Earlier in 2016, another football player Lionel Messi, who plays for Spanish club Barcelona, was convicted on similar grounds of not divulging all his advertising contracts.