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The deal looked to be in doubt when the Ukrainian side demanded 5 million euros (£3.6 million) for the transfer.

But Castillo, 23, stunned the side by agreeing to pay that money himself just to get away from the club.

"Nery Castillo's desire to make this deal happen has been extraordinary," City chief executive Alistair Mackintosh said.

"He has made a significant financial contribution in order to complete this move by paying most of the loan fee himself. This proves how much he wants to play for Manchester City in the Premier League.

"We are excited and delighted that another young established international has joined the football club."

Shakhtar paid Olympiakos £15 million for Castillo in the summer but he failed to settle in the former Soviet nation, failing to repeat the form that saw him score 12 goals in 25 appearances for the Greek side.

Castillo will begin his loan period with City on January 1.

Pippa Davis / Eurosport