Lionel Messi has extended his contract with European champion Barcelona.

Barcelona says in a statement on its website that “the Argentina forward’s new agreement runs until 2016 and has a buy-out clause of euro250 million ($368 million) included.”

The 22-year-old Messi’s previous contract was to expire in 2014 with a buy-out clause of euro150 million ($220 million).

Messi was a key player in the Barcelona team, which won the Spanish league, Copa del Rey and Champions League last season, making him a likely top candidate for the Footballer of the Year prize this year.

More In: Football | Sport