FIFA Ballon d'Or nominee Cristiano Ronaldo of Portugal and Real Madrid attends a press conference prior to the FIFA Ballon d'Or Gala 2014 at the Kongresshaus on January 12, 2015 in Zurich, Switzerland

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The world-renowned football player is about to settle a tax debt by paying a fine of almost $22 million in fines.

Real Madrid player Cristiano Ronaldo is set to pay some $22 million in fines to the Spanish treasury, according to Spanish media El Confidencial.

According to reports, the sum will cover hidden tax payments as well as fines and penalties.

Spanish tax authorities claim that between 2011-2014, Ronaldo failed to pay some $17 million in taxes, hiding his true income with a purpose-built business tax shelter.

The football player must pay up before June 15 or face jail time. It is reported that the sportsman originally sought to settle the case out of court.

As reported earlier by The Sun, Real Madrid offered Ronaldo a new deal of $737 631 per week in pay, which translates to about $29.5 million annually. To exaggerated bewilderment in several media outlets, that staggering amount remains below Ronaldo’s arch-rival Lionel Messi’s whopping $41.8 million annual salary.