Barcelona midfielder Pedri has agreed a contract extension until 2026, with the deal including a one-billion-euro ($1.16 billion) release clause, the club announced on Thursday.

“FC Barcelona and the player, Pedro Gonzalez ‘Pedri’, have agreed a contract extension until 30 June 2026. The release clause is set at 1 billon euros,” the club said in a statement.

Barca added the 18-year-old’s signing ceremony will happen on Friday.

The deal comes as a huge boost to Barcelona, whose enormous debts have prompted the departures of high-profile players like Lionel Messi, Luis Suarez and Antoine Griezmann.

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