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Juventus have officially sent Canada international Jonathan David to Atletico Madrid on a free loan, with option to buy at the end of the season for €25m. A formal statement was released by the Bianconeri this evening to confirm the financial details of the agreement. It is a free loan, so the Spanish side will only cover his wages during this season, with an option for Atletico Madrid to make it permanent for a fee of €25m. That is payable over four instalments, as confirmed by the statement. David flopped at Juventus The 26-year-old had been a free agent when he joined Juventus last summer, although technically David was far from free, as between commission and accessory payments this cost the club €12.5m. The former KAA Gent and Lille striker struggled to adapt to Serie A football, with David scoring only eight goals with five assists in 47 competitive appearances for the Bianconeri. He was jeered by the home fans during his last appearance for the club, prompting the decision to move him on. Juventus have signed Nick Woltemade on loan from Newcastle United as his replacement, but that is not for the originally reported €5m fee. Instead, the statement confirms they are paying €2.8m with ancillary costs of €0.8m, which may be increased up to a maximum of €0.5m if certain objectives are met.