By Obaloluwa Joshua, LAGOS
AS Monaco have confirmed the signing of Folarin Balogun from Arsenal in a deal worth €40million.
A sell on clause of 17.5% was also inserted in the contract.
Balogun penned a five-year contract with the principality club.
A statement via Arsenal.com reads: “Folarin Balogun has joined Ligue 1 side AS Monaco in a permanent transfer. The 22-year-old forward joined us at the age of ten and developed through our Academy, enjoying success in all age categories in youth football, signing his first professional contract with us in February 2019.
“We thank Folarin for his contribution to Arsenal, through our Academy into the first team, and wish him the best of health and happiness in his new chapter at AS Monaco. The deal is subject to the completion of regulatory processes.”
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Balogun caught the eye after scoring 22 goals in 39 matches while on loan at another Ligue 1 club, Stade Reims from Arsenal last season.