It may have been third time lucky and at the cost of a world record fee for a defender, but Alex Ferguson last night finally concluded a deal to sign Rio Ferdinand, the man he is convinced will become "the best defender in the world".  Dominic Fifield reports

Ferdinand, with his family sitting in the front row and a beaming Ferguson at his side, was paraded as a £29.3 million Manchester United player after signing a five-year deal worth £70,000-a-week. The transfer could yet net Leeds a further £4 million depending on honours and appearances, with Ferguson convinced the massive outlay will pep up his squad sufficiently to banish memories of a rare, trophy-less season at Old Trafford.

"We knew it would be a hard road to get Rio here, particularly because we were taking him from one of our fiercest rivals and he had four years to run on his contract," said the United manager. "The key to this is 'potential'. We're very confident that, at 23, he will go on and mature here and develop into the best centre-half in the world.

"We have every right to try and improve ourselves, despite what some people may say. Rio's pointed out the thirst of the players here and I recognise that - they were all disappointed with the way things turned out last season - but we hope to make amends. Rio's part of that: his physical assets and his ability on the ball are there for all to see, but in the next four years he will mature and add authority."

Leeds, learning to cope with the loss of their talisman, removed Ferdinand's image from a billboard above the entrance to the Elland Road club shop yesterday. They will receive £15 million up front to help eat into debts of £77 million.

After easing those financial worries, Terry Venables - currently on a working holiday in the Seychelles but due to link-up with his first-team squad, along with the midfielder Lee Bowyer, in Melbourne this week - will now be given funds to recruit new faces.

Feyenoord's Australian international Brett Emerton is likely to arrive for around £7 million, with Valencia's Roberto Ayala and Middlesbrough's Gareth Southgate also targeted.