FC Barcelona announced this afternoon that Brazilian forward Neymar Jnr has put pen to paper on a new five-year contract with the club.

After months of speculation regarding the future of Neymar at the club, Barca finally announced the completion of the deal today which will see his buyout clause gradually increase year-on-year from €200 million for the first year, €222m for the second and €250m for the remaining years.

“FC Barcelona and the player Neymar Jr. have signed a contract extension for the footballer which will keep him at the club for the next five seasons, until June 30, 2021,” FC Barcelona said in a statement.

“The player’s buy out clause has been fixed at 200 million Euros for the first year of his contract, 222 million for the second and 250 million for the remaining three years.On 15 July in Barcelona, before the player joins up with the Brazilian national side for the Olympic Games, the agreement will be presented formally,” it continues.