Cole signs, Gallas leaves

The most protracted transfer of recent times has finally been completed.

Chelsea and Arsenal released a joint statement confirming that Ashley Cole has signed for Chelsea in exchange for £5m and William Gallas.

“Chelsea FC and Arsenal have agreed terms for the transfers of Ashley Cole and William Gallas,” the statement read.

“Chelsea will also pay Arsenal £5m. Both players have agreed personal terms and passed their respective medicals.”

Cole is believed to have signed a five-year deal worth between £75,000 and £90,000 per week.