The president's press officer told Lusa that the president was awaiting a final version on the sentence and that after the facts had been established, and if appropriate, the Chancery of the Portuguese Honorific Orders would make a decision.

Local newspaper Publico reported on Wednesday that the footballer could lose the distinctions he was awarded by former President Aníbal Cavaco Silva and by the current President Marcelo Rebelo de Sousa, in 2014 and 2016 respectively.

Ronaldo on Tuesday admitted four charges of tax fraud in a Madrid court, agreeing to pay a fine of €18.8 million but seeing a 23-month prison sentence suspended.

Court officials confirmed that the Juventus and Portugal striker had signed the agreement in person at the Madrid provincial court, where he stayed for around an hour, entering and leaving in silence, despite the presence of some 50 journalists.

The agreement makes it possible to close the case against Ronaldo for having avoided payment of tax on income he received for image rights in Spain when he played for Real Madrid.

Ronaldo was accused of having "consciously" created companies in Ireland and the British Virgin Islands to defraud the Spanish tax authorities of €14,768,897, committing four criminal offences against the state between 2011 and 2014.

He was sentenced a fine of €18.8 million and 23 months in prison. However, he will not have to serve that term because Spanish courts do not apply sentences of less than 24 months when the accused has no criminal record.

The court required that Ronaldo be present at the hearing, refusing to accept that the agreement be signed by proxy. The magistrate also did not accept his solicitors' request that the footballer be allowed to enter via the garage in order to avoid journalists.