Barcelona have agreed to forfeit €5.5 million in fines to Spanish tax authorities in a bid to resolve a fraud investigation concerning the transfer of Brazil international Neymar.

The Catalan club were alleged to have concealed part of the transfer fee for the 24-year-old when he made his mega-money move to the Camp Nou from Santos back in 2013. Subsequently, a series of investigations into the case were launched both in Spain and in the star’s native Brazil.

Now, the Spanish champions have confirmed they have reached settlement agreement.

‘The Board … has decided to approve the agreement presented by the club’s legal services with regard to the case surrounding the signing of Neymar Jr, currently being heard in the Courts of the Province of Barcelona,’ a statement on the club’s website read.

‘The agreement involves the recognition by the club of an error in tax planning for the signing of the player, for the fiscal years 2011 and 2013, when they did not correctly withhold payments resulting from his incorporation.

‘In addition, the club has been exonerated from responsibility for the fiscal year 2014, which was also part of the proceedings.’

Barcelona had announced they paid €57.1 million to secure Neymar’s signature but the true cost of the deal was later revealed to be nearer €100 million in total.