Fontvieille, Monaco – Monaco's billionaire Russian owner Dmitry Rybolovlev announced Friday that club has signed Colombian striker Falcao from Atletico Madrid.

"I would like to officially announce that Falcao has signed his contract," Rybolovlev said through a French interpreter at an event celebrating Monaco's promotion to Ligue 1. "I want to thank all those who believed in our success. Managing a club as important as Monaco is a great honor. I have an incredible feeling and great pride but this is just the beginning."

Financial details of the move have not been confirmed, though the fee is believed to be around $78 million.

Monaco revealed via the club's official website that the 27-year-old Falcao has signed a five-year deal with the promoted side.