Martin joins Rayo on-loan to the end of the season.
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Last season, the 23 year-old was on loan with Deportivo Alavés. During his loan spell, the striker scored two goals and provided two assists in 26 La Liga appearances, starting 16 matches.
This summer, Martín returned to Atlético Madrid after his loan, but so far this season he has not appeared in LaLiga.
He has now joined Rayo for the remainder of the season.