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Saints bank £2m over Bale
7:20am Monday 2nd September 2013 in Sport
SAINTS will bank over £2m as a result of their former academy starlet Gareth Bale becoming the world’s most expensive player last night.
The Tottenham star finally completed his move to Spain on the penultimate day of the summer transfer window for a fee of 100m euros (£85.3m).
Saints, who sold Bale to Tottenham in May 2007, do not have any rights to a sell-on fee.
But under FIFA rules they are due a proportion of the total transfer fee for their role in training and educating the player.
World football’s governing body makes provisions for a ‘solidarity contribution’ in their regulations relating to player transfers.
It says that five per cent of any transfer fee must be paid to former clubs involved in developing the player, between the seasons of his 12th and 23rd birthday.
Bale left Saints shortly before his 18th birthday.
Had Bale been sold for £80m, Saints would have received exactly £2m – two and a half per cent of the massive fee.
As the fee is £85.3m, Saints will receive just a bit more.
Saints received an initial £5m for Bale when he left for White Hart Lane, and were due another £5m in instalments.
However, an early settlement was reached on the remainder of the deal in 2008, in a bid to help ease the club’s financial crisis at the time.
Reports have suggested that a sell-on clause was bought out by Tottenham at that stage.
However, the Daily Echo has previously revealed that no sell-on clause was ever inserted to begin with.
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