Town chief executive Simon Clegg has revealed that the club will pay the Official Receiver cash relating to the sell-on clause agreed with the now wound-up Chester City when Jon Walters joined the Blues in 2007. A sell-on of 20% was included in the deal, along with an initial fee of £100,000 plus another £100,000 on the player’s appearances and based on Town’s performances.

Walters was sold to Stoke City yesterday for a fee of £2.75 million rising to £3.25 million and Clegg has confirmed that the Blues will make a payment to what remains of the old Chester City club: "I can confirm that while Chester City FC was wound up in March 2010 it remains a legal entity and is controlled by the Official Receiver.

"I can also confirm that our respective lawyers have recently reached a mutually agreeable financial settlement in respect of the contracted sell-on clause in Jon Walters's contract which was triggered by yesterday's sale."

As reported yesterday, the new club formed from the ashes of the old one over the summer, Chester FC, is not entitled to any of the cash.

Photo: Action Images

Back_The_Boss added 19:47 - Aug 19 More money for the club to spend on players, come on Keane buy another stiker and add to our very small squad.
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Toepunt added 20:33 - Aug 19 @Hugogogo "Yes, that's right - forget doing what we are legally obliged to do - sod the lot of those silly law-enforcing types! Lets blow it all on a striker then pretend we haven't got any money. Tsk." But then we'd have to rename the club to Cardiff !!! Just ask Motherwell !
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JHYITFC added 09:16 - Aug 20 @hadleighbluearmy Are you seriously suggesting that Clegg should not negotiate the sell on fee we're legally obliged to pay the administrator??? Finally we have someone running this club with some business sense and you'd rather he acted like Peter Risdale and ignored the balance sheet? The fans need to grow up on matters like this and understand that signing a player without blowing your finances takes time....Especially when they know they have to work with Keano! COYB

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