The former Atletico and Barcelona striker has this week been named to the board of directors.
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Villa said: “I’m very happy to be returning to the club with new responsibilities, but with the same desire to continue helping Atlético de Madrid grow season after season.
"The club has experienced significant growth for several years, and I hope to contribute to our continued success. I’m very grateful that they considered me for this position."
Atletico president Enrique Cerezo also said, “This has always been your home, David.
"We are delighted that you have accepted this challenge and I am convinced that, with your vast experience, you will help us make Atlético even stronger. Welcome.”