(CNN) -- Manchester City just can't stop spending money as the English Premier League champions have forked out a reported $53 million to sign France international defender Eliaquim Mangala from Portuguese club Porto. Mangala's transfer, confirmed Monday, comes just three months after City was heavily sanctioned by European football body UEFA for breaching new rules on Financial Fair Play. Whatever the deal's financial implications, City manager Manuel Pellegrini believes the 23-year-old Mangala has "all of the mental, physical, technical and tactical attributes to become one of Europe's very best defenders." Pellegrini added on the City website: "Eliaquim is a player I believe will make an immediate impact in the Premier League, thanks to his physicality, his reading of the game and quality on the ball."
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Manchester City sign French international defender Eliaquim Mangala
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The 23-year-old joins from Portugal's Porto
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Mangala did not play any games at World Cup in Brazil
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