Ronaldo has beaten Liverpool owners FSG to buying Cruzeiro.
Media reports in South America claimed FSG had made a ‘proposal’ to acquire the club after it became the first in Brazil to make the switch from a non-profit entity to a corporate one.
However, the Boston-based group have reportedly ‘missed out’ on the deal to the 1994 and 2002 World Cup winner.
Instead, Real Valladolid owner Ronaldo has moved to buy his former club. He declared: “I am so happy to have completed this deal.
“I have a lot to give back to Cruzeiro and I want to take the club back to where they deserve to be.
“We have a lot of work ahead of us.
“I ask the fans to reconnect to the club, go to the stadium, because we are going to need a lot of strength and unity.
“We have a lot of work and ambition to make Cruzeiro great again. We have nothing to celebrate yet, but we have a lot of ambition.”