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.
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