Paris St Germain have smashed the world transfer record by completing the €222million ($ 262 million) signing of Neymar from Barcelona.

The 23 -year-old Brazilian, has signed a five-year deal to beat the previous record set when Paul Pogba returned to Manchester United from Juventus for £89million in August 2016.

Earlier on Thursday,La Liga attempted to bring down the deal by refusing to accept the payment from Neymar’s lawyer but his representatives paid direct to his former club instead.

The player will now earn 45m euros (£40.7m) a year, 865,000 euros (£782,000) a week,before tax from the initial five-year deal, a total outlay of £400m.

Neymar said in an interview that he is happy to have joined one of the most ambitious clubs in Europe.

“Paris St-Germain’s ambition attracted me to the club, along with the passion and the energy this brings,” he said.

“I feel ready to take the challenge. From today, I will do everything I can to help my new team-mates,”he added.

PSG said his arrival into the Paris Saint -Germain family emphasizes more than ever the club ’s aims to rise to the top of world football.