AceShowbiz - Soccer stud Cristiano Ronaldo has reportedly accepted a two-year suspended prison term and a hefty fine to resolve allegations of tax evasion in Spain.

The Portuguese sportsman, who plays for Spanish side Real Madrid, hit headlines last summer when he was accused of trying to avoid paying more than $16 million (£12 million) in taxes between 2011 and 2014.

Madrid's regional state prosecutor alleged Ronaldo had used what appeared to be a shell company in the Virgin Islands to "create a screen in order to hide his total income from Spain's tax office".

Officials insisted the father-of-four "intentionally" failed to declare millions in profits related to image rights, and significantly under-reported his income during the three-year period in question.

Ronaldo's representatives firmly denied any wrongdoing, but now the two sides are said to have reached a settlement in the case - and he won't have to do any actual prison time.

As part of the deal, Ronaldo reportedly admitted to four counts of tax evasion, and agreed to pay Spanish government officials $21.7 million (£16.3 million), according to Spanish newspaper El Mundo.

The news emerged on Friday, June 15 - the same day the 33-year-old scored a hat trick for Portugal in the nation's opening World Cup clash against Spain.

The match, which took place in host nation Russia, ended in a 3-3 draw, with Ronaldo becoming the oldest player in the competition's history to achieve the triple goal feat. He also equaled the record for most international goals by a European player with 84 under his belt to date.