He told Radio Marca: "We paid in cash £7.5 million for the transfer of Garay, a player we were very keen to sign. This demonstrates, moreover, the good economic situation of the club.

"Garay is a young player capable of playing for Real Madrid either next season or the following one," added Calderon, hinting that Garay could be loaned back to Racing for next season.

Meanwhile, Sergio Ramos welcomed Garay's signing: "He's a good defender and will be very welcome here."