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

TractorRoyNo1 added 00:06 - Jun 30 the 'cash' from the deal probably will, but most of the cheque will go into the sinking fund
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BrettenhamBlue added 00:51 - Jun 30 A sad day for Ipswich fans. I wish we could all look at this a little more objectively and realise why we are in trouble. In some respects, I think Clegg shouldn't have said ANYTHING about where the money is going. We will suddenly find St Ledger is worth 4m and Maynard 5m. Probably the wisest use of the money right now is to sign a few (good) quality free transfers with the aim of staying up this year. We can afford to invest but lets not give all the money to other Championship Clubs. There are a fair few good free transfers out there but we need to take the risk. I really hope we can avoid the drop this year.

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GiveusaWave added 03:50 - Jun 30 We all know deep down that it is going to be a desperate battle against relegation next season, but I am optimistic and think we will survive. We should sign this guy, he's way better than anything we have at present in midfield, http://news.bbc.co.uk/sport2/hi/football/13960516.stm
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whippet added 04:06 - Jun 30 Posh cast-offs? I don't think he'll be good enough for us. We need a striker (Kevin Phillips) who can feed off scraps and can score with only 2 or 3 opportunities per game. Whittingham will never sign for us. If we launch an approach for Boyd he might come. Don't know about Boothroyd, but doubt he'd ever sign for us. Richie Lambert has ambition too. Mackail Smith has always been interested in Leicester/ Leeds etc (think he signed for Leicester y/day?)

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DiamondGezzer added 06:13 - Jun 30 Well if PJ is on holiday until tomorrow, it ain't gonna happen until next week [ unless he's on the phone by the pool like last time and that produced Chopra ]. My curiosity is getting the better of me, cos I've still got that good old feeling about what is about to be produced from the magicians hat !
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floridaboy added 07:08 - Jun 30 Dont understand people on here. Really dont! One minute PJ is the best thing since sliced bread then he dont know what he is doing buy signing 3 good experienced players. Yes Town did not have to sell Wickham but did Wickham want to stay? If he invoked the so called clause in his contract then Town have no choice. Personally I am still unsure if he will be the great English saviour that some on here keep going on about. Yes he has potential but Bowditch had potential, Garvan had potential but they went backwards. For me going to Sunderland shows he has a lack of ambition, he could have stayed another season, hopefully improved and scored lots of goals and got his dream move to Liverpool or Arsenal, like every other footballer is driven by money. But at least he is keeping it in the family. His father I read is his agent so will get a nice cut as well! Just cannot see him doing anything next season at Sunderland and think they will struggle and be fighting relegation.

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Pessimistic added 07:40 - Jun 30 Cleggs expression about the money dripping down gradually is concerning. Town have been drip feed for far too long already and this does not bode well. Oh dear, is this the beginning of a new chapter of penny pinching and cautious optimism, which epitomises everything that comes out of the Chairman's mouth?
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churchmans added 07:42 - Jun 30 there all koks floridaboy but me and you and the majority now its a qaulity move for us! look at MARCUS139 apparently if you read between the lines it confirms that only a portion of the money will be used! it only confirms that you are one of dem koks! i suppose if pj gets all the players that he feels he needs to storm the leauge you will come out with 'he wasnt allowed this or that' boy o boy

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RetroBlue added 07:56 - Jun 30 Thank you Mr clegg. I'll believe, when I see it !
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nardblue added 08:05 - Jun 30 If we are going to be potential promotion/play off contenders this season we seriously need to strength our squad!!! with an awful lot of players leaving the club & this including the spine of the team in Mcauley,Norris & Wickham we need to make some significant signings in order for us to be up there !!! Hopefully Cleggs words will hold some truth & the money made from the sale of Connor will go towards the much needed players we need to bring in. COYB

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UsualSuspect added 08:09 - Jun 30 Usual positive reaction!! Personally I feel it was a good deal for the club & a good deal for Connor. Read the print guys 'the cash will allow the Blues greater freedom in the transfer market'. Some of you are so negative, let's wait & see who PJ adds to the squad, if your not happy come August 6th then have a moan.
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RetroBlue added 08:17 - Jun 30 NO one is doubting the great deal it is for this Club. The problem is money in the bank , or in PJ sticky mit when he goes calling other clubs for suitabkle replacements , does NOT mean we will be able to sign these players. Other Clubs know how to say "no" , and hang onto theitr best players - unlike ITFC !
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fourth added 08:27 - Jun 30 Early days, but I think the Wickham move was inevitable and the cash will help enormously in finding 3 key players.
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stringtheory added 09:02 - Jun 30 Well done Clegg, good money and a deal for a largely unproven player - and thanks Also to ME for making the funds available to improve the squad.
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bogstandard added 09:03 - Jun 30 Surprised no one has mentioned a cheeky bid for Grant Holt ... although he may not be that popular at Portman Road, he is unplayable on his day and would be a perfect strike partner for Chopra. Also very impressed with Proctor from Preston, he is in the Connor Wickham mold and is young, hungry and very highly rated with great things expected of him. Lets play a 4-4-2 or a 4-3-3 this year and try and get some exciting, attacking football back at PR ...

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B1TFC added 09:20 - Jun 30 Won't have 8.1 to spend in the morning? Did Sunderland pay by credit card or something???? Maybe they failed to read the small print which included a 2% surcharge for all CC payments When's PJ back from Florida?? We can get some people in then!
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johnhazelbum added 09:24 - Jun 30 I hate to mention this but look at N*rwich the squad and see how they built their team. They didn't give their cash away on inflated transfer fees or salaries for past it has beems. A lot of their players were from the lower leagues, fit and young and with something to prove. They didn't waste the summer arsing about being linked with players, they identified achievable signings, did the deal and didn't even mention the transfer fees. Having spent the last three seasons in the bottom of the championship, lower league clubs is the only place we can realistically get players. Fans can think Myanard, Nugent or Mikail-Smith but there are about 30 teams that can offer better wages and prospects next season. If we are going to move on we have to realise how low ITFC have sunk and what are realistic prospects. We should start by signing some players that'll will appreciate in value. Since ME arrrived I can't think of a player we have bought whose value has gone up. Now that is a waste of money.

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HolbrookBlue added 09:36 - Jun 30 Whilst everyone knows the club has money there is no need to pay inflated transfer fees. There are plenty of reasonable quality players available for free at present - look at the list on the givemefootball website. Some of these would be hungry for work having been made unemployed.
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ITFC1812 added 09:42 - Jun 30 Agree with above, PJ is no Mug the Bullard and Doncaster sagas proved that we won't be held to ransome, he'll spend it wisely.
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taylor15 added 09:56 - Jun 30 GK - Scott Loach CM - Haroun? CM - Lewis McGugan ST - Nicky Maynard and then a right back, decent centre back, a left and a right midfielder!
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WorcesterBlue added 10:38 - Jun 30 Shows what I know - really thought Connor would stay for another season at least. No, we do not want to held to ransom and yes, we should go for young lower league and/or foriegn talent. PJ had a good record of this at Wigan so let's hope for more of the same and that he has some aces up his sleeve. I am keeping the faith - but only just.
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MVBlue added 10:42 - Jun 30 Inevitable. Sad day but now we do have a bright manager we are going forwards.
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Monkaz added 10:43 - Jun 30 Ok, i am very sad that Wickham has left us as although he was unproven, he was quality. He was brilliant and good luck in the future Connor, I hear Hull City are paying Jimmy Bullard off so soon he will be available on a free. Maybe take some of the Wickham fees and put them in as Bullard's wage budget. Mackail-Smith has not gone anywhere as of yet so snap him up quickly. Yeah we need a RB - Possibly Rosenior? Don't quite know his status but would be good. The likes of McAnuff of Reading is also maybe a signing I would make if I was PJ and SC would agree with probably. They aren't savvy, which suits the Town's transfer mentality. We could do a lot with £8.1 million this season and build a strong side to get us up to the place we rightly deserve to be. COYB.

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jas0999 added 11:26 - Jun 30 Really concerned by Clegg's comments that the money will also be used 'in future transfer windows' - this suggests the club may not be bringing in sufficient players now. Agree with many other posters; as an ABSOLUTE MINIMUM, we need before the start of the season: 1 x RB, 1 x CB, 2 x CM and a replacement for Connor. That assumes we sell no-one else. Anything less and it will be a real disappointment.

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London_Blue added 11:35 - Jun 30 Monkaz, why do we 'rightly deserve to be' in the Premisership? No one more than me would like to see us there, but it's the clubs that invest wisely and get their teams playing as a unit that prosper, not teams that regularly flitter away money on average players. We should never forget how Mourinho won the Champions league with an unknown Porto side, or how Greece won the European championship without one well known player. We need a team, not an individual, and I believe Jewell now has the resources and wherewithall to make it happen.

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