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Reports in todays press say that United have paid £14.9m as soon as Ferdinand agreed personal terms and passed a medical at Old Trafford.
The remaining £14.2m will be payable in 12 months time, with a further £4m to be paid depending on United's performances over the five year term of Ferdinand's contract.
"The board of Manchester United plc is pleased to announce that an agreement has been signed with Leeds United plc for the transfer of the registration of Rio Ferdinand to Manchester United FC," quotes the Sun newspaper.
"Ferdinand has agreed a five-year contract commencing immediately. The transfer agreement provides for a cash consideration, included associated costs of £29.1m - £14.9m payable immediately and £14.2m payable in July 2003. In addition further payments, up to a maximum of £4m, will be payable over the next five years depending on the team performance of Manchester United."