Chief executive Simon Clegg has confirmed that the cash from the sale of striker Connor Wickham will be reinvested into Paul Jewell’s squad. The Blues chief also confirmed that as revealed by TWTD earlier this afternoon, the club negotiated a sell-on clause in addition to the initial £8.1 million fee and the other add-ons which could potentially take the deal beyond £12 million.

Speaking in an interview with Talksport, Clegg said Jewell will be given the funds in order to build a promotion-challenging squad: “The money is going to be reinvested into the football club and we’re very clear in terms of where we want to get to.

“We continue to have high ambitions for the club in terms of playing Premiership football again at the earliest opportunity, and Paul made it clear earlier in the summer that he had resources to spend irrespective of whether Connor moved on or not.

“The situation is unchanged - the owner and I continue to wholeheartedly back the manager and he’s proving very savvy in the transfer market.”

The former British Olympic Association boss says that in line with many other deals, the fee isn’t payable immediately in one lump sum but wouldn’t confirm the timetable: “I don’t want to get into the details and the confidential clauses of the contract between the two clubs, but suffice to say as of tomorrow morning I won’t have £8.1 million of new money to spend.”

Clegg says that the cash will allow the Blues greater freedom in the transfer market, not just between now and the end of August but during future transfer windows: “We’ve made three good signings already and the window continues to be open for some weeks going forward, so let’s see where we get to.

“The most important thing is that we’ve got resources now to spend over the coming transfer windows on bringing in new players to help build the squad and take us in the direction we want to go in.”

The chief executive says the deal is the right one for the club and paid tribute to those who honed Wickham's talent since he joined from Reading’s academy in 2006: “He is a huge talent but this is a very good business deal for the football club.

"I’m absolutely delighted with a fee of £8.1 million rising to potentially £12 million, with some additional sell-ons further down the line as well.

“It’s a really good deal but tinged with a degree of sadness that Connor, who has come through our academy here, is moving on.

“And huge credit today to the academy team that have helped him develop since he joined us some years ago and put him into the first team when he was 16 years and 11 days old.”

Photo: Action Images

Drew added 20:42 - Jun 29 A new gk, rb, lb, cb, rw, mc, and st will do fine.
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borat_the_blue added 20:44 - Jun 29 Really? I can only swallow this deal if and only if it is invested in young british talent. We need a right back, centre half and two midfielders in my opinion. Clyne - Right back at Palace 2m should do it Boyd - P' boro must only have year left on his current deal??? that Belgium fella would do n' all Fingers crossed COYB!
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dommyboyblue added 20:44 - Jun 29 Sounds positive, we have the funds to go get players, looking forward to the next few weeks, but it does seem that we seem to be in competition with Leicester for a lot of the same players and hopefully this will enable us to secure our targets! Good deal for everyone this!!
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runaround added 20:49 - Jun 29 Interesting choice of words as always by Clegg! Saying the money will be reinvested in the football club doesn't necessarily mean PJ will have it all to spend! The statement saying we wont have the £8.1m to spend tomorrow is obviously hinting at other clubs that we wont be held to ransom but I'm sure any player we enquire about will have an increased value as clubs think we are minted. My main fear is that although we may now be looking at more expensive players in terms of fees, there could be issues with wage demands exceeding the wage structure and to break the wage structure would be foolish. As nice as it is to have the available cash, I'll be much happier when PJ gets the players he wants and isn't turned down by clubs/players and forced to panic buy in August. In PJ I trust though, if anyone can do it , he can

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Karlosfandangal added 20:56 - Jun 29 Watch the prices rise now team know we have money Would like a Maynard to replace Wickham and would like us to go for some players for the future and not old journeymen Boyd is a big no as live in Peterborough and all the Posh fans say he is not Championship Coppinger and Koumas plus St Ledger and Maynard will do and start looking for players who will be able to cope with the prem. At the minute seeing as we have lost the 4 best players from last year Mid table at the very best, need some class players in now or it will be a poor season again Do not agree with the Wickham sale, we did not have to sell so we were told and shpuld have held out till at least Christmas

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Mark added 20:58 - Jun 29 How refreshing to hear the actual amount rather than the frustrating "undisclosed fee" we usually have to put up with. I am glad the fee will be reinvested. We should not get carried away by it, as the £8.1M will be paid in installments it seems plus we need to consider the wages of any new players which these days are more important than the transfer fees. I hope Jewell is still given a transfer pot before the Wickham money in the way Magilton and Keane were. If the WIckham money replaces that, we haven't moved forwards. Remember that Jewell has only spent £1.65M in tranfer fees so far, about 10 times less than his predecessors!

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Mungo added 21:04 - Jun 29 PJ will need to bring in at least 4 or 5 good players this summer and the extra cash will come in very useful. Although it is sad to see CW go, this will hopefully leave the club stronger for years to come...
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Karlosfandangal added 21:04 - Jun 29 12 Players gone and only 4 in so our wage bill will be down so there cant be any we have to watch players wages talk from the club lets have some real ambition and go for the 90 million jackpot
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itfc1981 added 21:04 - Jun 29 a new team bar Chopra please
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Jesney_Havoc added 21:22 - Jun 29 Good to hear but the price of anyone we were thinking of buying has just gone up significantly !
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ITFC4daprem added 21:35 - Jun 29 cb lb hm st lw gk am cm
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robdaful added 21:47 - Jun 29 I like what Clegg says more and more each day.
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Lightningboy added 21:49 - Jun 29 Has Craig Mackail Smith gone anywhere yet?
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Ipswich24 added 22:03 - Jun 29 Clegg just says what we want to hear the money will be used to make up for poor season ticket sales and empty seats
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fifeblue added 22:13 - Jun 29 How about signing Keane? Don't panic, I mean Robbie!
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Blue041273 added 22:21 - Jun 29 It's easy to say PJ is proving 'very savvy' in the transfer market before a ball is kicked. The proof of the pudding is in the eating and we won't know how effective the PJ signings are until we see game results. It really is an extraordinary statement to make when, if statements are to be believed, PJ has a windfall to spend. The signings of Chopra (a star in the descendant), Ingimarrson (a guy whose roots remain in Reading) and Ellington (whose star has burnt everless brightly during the last five years) do not to me necessarily represent 'savvy'. I remain to be convinced. Only performances will prove to me whether or not these signings are 'savvy' or not. PJ knows this and does not need this 'support' from his CEO.

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StochesStotasBlewe added 22:47 - Jun 29 Listened to Mr Clegg on Talk Sport this afternoon & he came over very well. Lets give the guy a bit of credit for actually coming out & saying that we will be reinvesting in the team. PJ at least will have some kind of war chest to play with.
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sebitfc added 22:47 - Jun 29 so we can sign jimmy bullard now then? surely?
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ITFCMonk added 22:56 - Jun 29 Come on PJ, we all have faith in you.. im sure we can now spend the money wisely on building a strong team for next season
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Premiertown added 23:09 - Jun 29 cant see us creating goals or keeping them out at the moment. 6 new players urgently required!
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evansblue added 23:16 - Jun 29 i have faith in jewell but in truth with 5 to 7 quality players needed a promotion push next season seems unlikely. As long as we see improvements then 2012/13 seems more realistic. That said its a funny old game
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BurleyForever added 23:20 - Jun 29 Lightningboy Mac Smith has gone to Leicester so will most other players we may hope for. Could we stil get Boothroyd on a Free????
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marcus139 added 23:49 - Jun 29 I said in a post last night only a portion of this money will go to players now. This confirms. Read between the lines. We will get few more more freebies and couple of cheap deals. They seem ecstatic with work to date, ingimarsson, 34, Ellington, only wanted by Preston and chopra, potentially good but no world beater by any stretch. We must push boat out and get a landmark signing to show we mean business. For me, a creative midfielder tops. Peter whittingham, Cardiff. Best player in championship.

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gilders0 added 23:50 - Jun 29 Put some of it into the wage budget. Then give jimmy and Hull a ring! There's only one one jimmy bullard!
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gilders0 added 23:56 - Jun 29 Rickie Lambert would be nice please.
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