Wolverhampton Wanderers accept that the big-money sale of Joleon Lescott will significantly cushion the financial blow following the loss of the club's Premiership payments.
The fortnight-long saga of Lescott's transfer to Everton was at long last resolved yesterday, following complications over his medical, when the 23-year-old completed his £5 million move on a four-year contract to Goodison Park.
That is an excellent price for a defender with no experience of top-flight football, as a result of the knee problems that kept him out for Wolves' entire year in the Premiership three seasons ago.
Having staunchly resisted Everton's attempts to beat down the price as a result of those injury concerns, Wolves chief executive Jez Moxey acknowledges that the money will come in very handy.
He said: "Bearing in mind the loss of the Premiership parachute payment, the money raised through this transfer will help secure the club's financial stability.
"Our future strategy is clear. The team will have to include some younger players who really want to wear the Wolves shirt and prove themselves good enough to compete strongly in the Championship and no doubt some of the transfer fee will be used to support this aim, to help us bring in new players.
"But there is also a need to protect the club's overall financial position, now and in the future."
Lescott's move to Mersey-side was initially due to go through a fortnight ago, only to be delayed by the results of the former England Under-21 international's medical. When Everton requested further Xrays on his knee, it looked as if his move to the Toffees might come unstuck.
Although the overall fee will remain the same, up to £5 million plus a 15 per cent share of any sell-on fee, Everton do have something of an insurance clause should Lescott's knee problems return within two-and-a-half years.
Moxey said: "Wolves will receive £2million up front, plus another £2million to be paid in instalments over the next two-and-a-half years subject to Joleon continuing to play football. The remaining £1million is subject to player appearances.
"Joleon has given his all to Wolves since he joined our academy as a 14-year-old and if there's any player who deserves a chance to play in the Premier League, it's him.
"We regret that he is leaving and that he never had the opportunity to play for Wolves in the Premier League in 2003/04.
"Had he been fit that season, who knows where we would have finished, but he has returned to play in more games than any other Wolves player in the last two seasons.
"We've never had any doubts whatsoever about his fitness and we're sure he will develop into an exceptionally good Premiership player for Everton."
