Real Madrid confirmed on Tuesday evening they will have a women's team compete in Spain's top flight beginning in the 2020-21 campaign.
The club's board approved the acquisition of Madrid-based women's club CD Tacon for a reported €500,000, with the sale to be completed on July 1, 2020.
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A club statement said: "The Real Madrid C. F. board of directors, which met today, 25 June 2019, agreed to propose a merger through absorption of the women's football club, Club Deportivo Tacon, with effect from 1 July 2020, at the next General Assembly of Members.
"During the course of next season, the 2019-20 campaign, the C. D. Tacon first team will train and play their matches at Real Madrid City as a part of the transitory collaboration between the two clubs."
Tacon, which was founded in September 2014, gained promotion to La Liga Iberdrola on May 19 after beating Santa Teresa in a playoff.
Tacon's first team is composed of 20 players, with the club also having six youth teams with a total of 103 girls. Real Madrid had been mulling over the idea of having a women's team in recent years but did not make a move until now.
Madrid will join Atletico Madrid, Barcelona, Real Sociedad, Athletic Club, Espanyol, Valencia, Sevilla, Real Betis and Levante as the clubs with women's teams in La Liga Iberdrola.
Spanish Football Federation (RFEF) president Luis Rubiales, who is also vice president of UEFA, welcomed the proposed move and told reporters: "The more and better teams that are in the competition, the more attractive and harder it will be and it will benefit our national team. Madrid is one of the most important clubs in the world and they will be welcomed."