Rio Ferdinand: New Man United signing (AlexLivesey/Allsport)

The England international's protracted transfer from Leeds United finally came to an end when Manchester United forked out a British record £29.3million pounds.

The 23-year-old World Cup star is believed to have signed a £70,000-per-week deal that will keep him at Old Trafford for the next five-years.

Ferdinand said: 'I'm delighted to be joining one of the biggest clubs in the world.

'I'm really looking forward to the new season and I can't wait to run out in a United shirt at Old Trafford for my first home game, which I hope will be the UNICEF benefit match against Boca Juniors on August 10.'

'I am leaving a great club in Leeds and I appreciate what they've done. Leeds went out on a limb to get me and not many would have done that.

'However, I made my decision with my friends and family to come here and improve as a player.

'It was an easy decision. Opportunities like this do not come around that often. I don't want to sit around thinking about what I didn't do in my career.

'I've seen the boys with England and they are as hungry as ever. They want to win the championship again.'

United have agreed to pay Leeds £15million immediately and a further £14.3million in July 2003. The total fee could rise to £33.3million depending on appearances and the Reds' success over the next few years.

Ferdinand's mature performances in Korea/Japan this summer attracted covetous glances from clubs around Europe and persuaded Manchester United manager Sir Alex Ferguson that he was the solution to United's defensive frailties.

Ferguson said: 'When you can identify a potentially great player you try to think about how you can possibly get him here. We knew it was a hard road, but we've got to the end of it. He is going to be a fantastic player.

'I am really pleased Rio has agreed to come to Old Trafford, he is a world-class defender with the experience of having played at the very highest level of the game, for club and country.

'He is also a fine young man who will fit into the squad extremely well and I am sure he will prove to be a big hit with the fans.'

Peckham-born Ferdinand is expected to line-up alongside veteran World Cup winner Laurent Blanc, who has been persuaded to postpone his retirement, in the centre of the Red Devil's defence.

The deal is Ferguson's first major purchase of the summer and means that he has broken the British transfer record three times in the past 13 months after shelling out £19million for Ruud van Nistelrooy and then £28.1million for Juan Sebastian Veron.

Leeds will use £14.9million of Ferdinand's fee to clear immediate financial problems, leaving new manager Terry Venables with cash to sign new players. Leeds fans have given their backing to Ridsdale over the sale.

Ferdinand is expected to make his United debut in the Amsterdam tournament at the beginning of August. He will return to Elland Road with United for the Premiership clash with Leeds on September 14.