Real Madrid midfielder Luka Modric has reportedly admitted two counts of tax fraud, accepting an eight-month suspended prison sentence in a deal with Spanish reporters. 

As reported by El Mundo, the Croatian would be given the chance to substitute a prison term for £54,000 fine. It was reported earlier this week that Modric and fellow Croatian and Liverpool star Dejan Lovren could face five years behind bars.

The 33-year-old Croatian, recently voted the 2018 World Cup’s best player, was accused last November of tax fraud of up to £783,640 in image rights in 2013 and 2014 using a limited company based in Luxembourg. The company, Ivano, S.A.R.L, was named after his son Ivano and managed by his wife Vanja Bosnia.

Spanish tax authorities sought information from authorities in the Isle of Man as part of their probe into Modric amid warnings it could accuse him of defrauding a higher amount. The footballer would reportedly have to pay a total of £1.26m if he wanted to wipe his slate clean with the Spanish taxman for the years 2013 and 2014.

The payment would cover the amount defrauded, a fine of £313,450 representing 40 per cent of the fraud, and the fine substituting the prison term.

He is already said to have paid £900,000 of the amount owed at the start of the criminal proceedings.