Real Madrid star denies tax evasion allegations.

Cristiano Ronaldo's management has denied the allegations brought up against him by prosecutors in Spain.

Real Madrid star Cristiano Ronaldo has denied the tax evasion allegations against him in Spain.

The public prosecutor in Madrid on Tuesday, June 13 announced that Ronaldo has been accused of "four crimes against the public treasury between 2011-14... which involves tax fraud of 14,768,897 euros ($16.5m, £12.9m)".

According to the Prosecutors in Madrid who filed a complaint to a court in Pozuelo de Alarcon, Ronaldo evaded tax via two companies based in the British Virgin Islands and Ireland.

The 32-year—old has however denied the accusations insisting that there has never been any concealment or the slightest intention to conceal his payment details related to his image rights.

"The Public Prosecutor understands that CR [Ronaldo] is participating in an offshore structure, similar to that of other players, when most of the revenues were obtained directly by the player, without the participation of any of his societies, " a statement released by Gestifute who manage Ronaldo read.

"The rest of his revenues were paid to the player and declared in Spain according to the terms that the player’s advisors considered applicable.

There is no offshore structure for evading taxes. Tollin is 100 per cent owned by Cristiano Ronaldo since its foundation in 2004.

"It was founded when the player arrived at Manchester United, six years before his signing for Real Madrid and the net profits were €12.753.685,28 euros."

"When Cristiano Ronaldo signed for Real Madrid, he maintained the same structure he had in UK. No other structure was created at that moment,” Gestifute added in the statement.

"Throughout all of the above mentioned years, CR never had a tax problem, contrary to what the Spanish Prosecutors insinuate. All contractual modifications to [the] structure have been made to guarantee that the incomes fully observe the Spanish tax regulation."

Ronaldo is number one on the recently released list of top earning athletes according to Forbes.