Chairman David Sheepshanks says the Blues have received "just under £1 million" from the £1.25 million Kelvin Davis deal with Sunderland. The remainder of the cash goes to the MK Dons as part of the deal which saw Davis join the Blues from the club then known as Wimbledon in the summer of 2003.

At the time of the keeper's move to Portman Road the Dons' sell-on was reported to be 50% of any future fee but actually appears to have been 25%.

Sheepshanks says the offer was one the board could not refuse: “Firstly, I would like to thank Kelvin for his service while with us and wish him all the very best at Sunderland.

"This was a somewhat unexpected deal which has taken time to conclude. The fee, contrary to some earlier reporting, gives the club a net return of just under £1 million. This is too great an amount to refuse for a player with just one year left on his contract.

"Funds are now available to the manager for further strengthening the squad and I know Joe has a number of irons in the fire.”

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