Atletico Madrid president Enrique Cerezo reckons his side have pulled off a transfer coup by clinching the signing of Arsenal youngster Fran Merida.
The Spaniard is set to sign a five-year deal with Atletico, dealing Arsene Wenger another blow as he tries to keep Cesc Fabregas at the Emirates.
And Cerezo reckons Merida is already a class act and will shine in Madrid.
He said: 'He is a magnificent young player with a fine future.'
He added: 'This transfer hasn't always been easy, but he has always been interested in our project and has now made the next step by leaving Arsenal.'
Atletico had a successful season in which they landed the Europa League with a 2-1 victory over Fulham in the final.
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