Manchester United have completed the loan signing of Radamel Falcao from Monaco, it has been confirmed.
The Colombian has agreed a contract worth a reported £340,000-per-week which makes him the highest earner at the club. Manchester United have the option of making the deal permanent at the end of the loan spell.
A statement from Manchester United read: "Manchester United is delighted to announce that Radamel Falcao has joined the club on a one-year loan deal from AS Monaco, with an option to buy at the end of the loan period."
The Red Devils are believed to have paid a fee of around £9 million in order to take him on loan, as well as agreeing to fork out his full wage packet which according to reports puts the full cost of the deal at £24 million.
“I am delighted to be joining Manchester United on loan this season. Manchester United is the biggest club in the world and is clearly determined to get back to the top," Falcao told ManUtd.com. "I am looking forward to working with Louis van Gaal and contributing to the team’s success at this very exciting period in the club’s history.”
Van Gaal added: “I am delighted Radamel has joined us on loan this season. He is one of the most prolific goalscorers in the game. His appearance-to-goal ratio speaks for itself and, when a player of this calibre becomes available, it is an opportunity not to be missed.”
The arrival of the Colombian means Manchester United's summer spending now stands close to £170 million. For that figure they've landed six new players - Luke Shaw, Ander Herrera, Marcos Rojo, Angel di Maria and Daley Blind along with Falcao.
Although Manchester United fans are likely to rejoice at the signing of the former Atletico Madrid man, his arrival means they failed to address key issues in their squad - such as landing a specialist central defender or adding steel to their midfield.
It was reported that both Manchester City and Real Madrid were in the running for his signature, but pulled out of the race to leave Manchester United as his only suitors after they agreed to cough up a fee and take on his wages.
The move could spell trouble for Robin van Persie, who is boss Louis van Gaal's current first choice striker. The Dutchman is still struggling with a knee complaint and reports suggest that Van Gaal is no longer confident that it can stand up to the rigours of the season.
Falcao has his own knee problems the Colombian was forced to miss the World Cup, however he has returned to action with Monaco and already has two goals in three games. Overall he scored 11 goals in 20 Ligue 1 fixtures for the principality following a £50 million move last year.
Despite splashing the most cash of all Premier League teams this summer, Manchester United are yet to register their first competitive win under Van Gaal after they struggled to a 0-0 draw with Burnley last weekend.
They'll have the chance to change all that when they take on QPR at Old Trafford after the international break.