Paris Saint-Germain have confirmed they have completed the world-record signing of Brazilian star Neymar from Barcelona on 3 August.
The 25-year-old had a release clause of €222m (£198.6m, $262m) in his contract at Camp Nou and the Ligue 1 giants have decided to meet his price tag. The Brazil international has signed a five-year deal, which will keep him at Parc des Princes until 2022.
A statement on PSG's official website read, "Paris Saint-Germain is very happy to announce the arrival of Neymar Jr to the team. On Thursday the Brazilian striker signed a five-year contract in the presence of the Club's representatives. Neymar Jr is now committed to the French capital's club until June 30 2022."
Manchester United paid £89.3m to Juventus in re-signing Paul Pogba last summer. The France international's move was the previous world-record and Neymar's latest switch to Paris has surpassed Pogba's world-record transfer fee.
The former Santos star has expressed his delight after managing to seal the transfer to PSG in the summer transfer window.
"I am extremely happy to join Paris Saint-Germain. Since I arrived in Europe, the club has always been one of the most competitive and most ambitious," Neymar told PSG's official website.
"And the biggest challenge, what most motivated me to join my new teammates is to help the club to conquer the titles that their fans want. Paris Saint-Germain's ambition attracted me to the club, along with the passion and the energy this brings.
"I played 4 seasons in Europe and I feel ready to take the challenge. From today, I will do everything I can to help my new teamates, to open up new horizons for my club and to bring happiness to its millions of supporters around the world."
According to Sky Sports, Neymar will earn around £26.8m-a-year (€30m) after tax, meaning he will earn around £515,000-a-week at PSG. The total deal includes the transfer fee, wages and bonuses could be worth around £450m (€500m).