The Golden Boy is an award given by sports journalists to the player aged under 21 in Europe who has performed to the highest level.
Sterling, who turned 20 recently, was recognised for his superb form in helping Liverpool challenge for the Premier League title last season.
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“It's a great achievement to win such an award,” he said. “It's a really happy feeling for me and my family, of course.
“Something I've always wanted to do is to work hard playing football and try to be recognised. I'm really grateful that people have shown me this recognition.
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“It's down to hard work. I'm really happy that people are recognising that I'm trying to work hard and do my best for this football club. I'm really grateful for this award.”
Though nominally a winger, Sterling has transformed into a versatile forward who can perform anywhere across the attack.
Team-mates Lazar Markovic and Divock Origi, who is on loan at Lille, were originally named on a 40-player shortlist.
Manchester United’s Luke Shaw and Everton defender John Stones were also shortlisted, along with Arsenal defender Calum Chambers and Tottenham’s Eric Dier.
Juventus and France midfielder Paul Pogba was the winner for 2013, while Lionel Messi, Sergio Aguero and Cesc Fabregas are amongst former winners.
Italian newspaper Tuttosport founded the prize in 2003 but journalists from all over Europe give their vote.
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