Real Madrid president Florentino Perez has described Cristiano Ronaldo's decision to sign a new contract as "wonderful" for the club.

The 28-year-old Portuguese international extended his stay with the Spanish giants to 2018 on Sunday.

"Today is a wonderful day for Real Madrid and every supporter, because the best player knows this will be his home forever," Perez told reporters.

"These supporters are the most demanding ones, but also the ones who love him the most."

Ronaldo's new deal with Madrid is expected to earn him around £14m per year.