Date: 5th September 2011 at 10:10pm
Written by:

SCUNTHORPE United have been told they could potentially be paying up to £170,000 for midfielder Jimmy Ryan, who joined the League One side at the end of last season.

Ryan moved to Glanford Park in the summer as he was out of contract at Accrington Stanley, meaning that a Football League tribunal had to decide the fee that must be payed to the Crown Ground club.

‘If we’re honest we would have liked to have received more,’ said Chief Executive Rob Heys speaking to the Official club website. ‘But I’m sure Scunthorpe would have wanted to pay less.

‘Jimmy is a good player who served us well and we wish him and everyone at Scunthorpe all the best for the future.’

Scunthorpe as part of the deal must pay John Coleman’s men £55,000 immediately, with further payments potentially adding a further £115,000.

The fee in full:
– £55,000 immediately
– £27,500 to be paid on October 1st, 2011
– £27,500 to be paid on January 1st, 2012
– £15,000 after 15, 30, 45 and 60 appearances.
– £25,000 if Scunthorpe are promoted to the Championship in 2011-12 or 2012-13.
– 20% sell-on any fee received over and above that already paid to Stanley