Ipswich Town Managing Director Ian Milne says that the money generated from the sale of Tyrone Mings will be reinvested in the playing squad.
Mings completed a move to Premier League newboys AFC Bournemouth last week for a fee reported to be in the region of £8 million.
Now, Town's hierarchy have confirmed that manager Mick McCarthy will be given a large chunk of that money to help strengthen his squad.
"We received a substantial amount of money for Tyrone and having spoken to Marcus (Evans) we both realise that it’s important we reinvest that money back into the team.
It’s a shame to see Tyrone leave but it was a fantastic offer put to us by Bournemouth, especially with Ryan Fraser and Brett Pitman joining us as well, and it’s a great opportunity for Tyrone himself.
Tyrone goes with our best wishes and I’m sure he will do well in the Premier League. Hopefully next season we can join him there.
To do that we realise we need to give Mick as much backing and support as we can and that is why we will continue to invest in the first-team squad and the Mings sale will substantially help in building that investment.”
Former Ipswich Town defender Tyrone Mings has thanked the club for their support after completing his move to Premier League newboys AFC Bournemouth.
The 22-year-old has agreed a four-year contract at The Goldsands Stadium.
Want to start by saying a massive thankyou to all at @official_itfc - the management, fans, players and staff for all they've done for me ?
Very hard decision to make because the management and club have given me the opportunity and support from non league #itfc
A dream come true to reach the premiership, so excited to get started with @afcbournemouth and over the moon to have joined them.
Bournemouth players Brett Pitman and Ryan Fraser have headed in the opposite direction, although Pitman's transfer isn't connected to the Mings deal.
New Ipswich Town signing Brett Pitman says that the chance to join the club was something that he couldn't turn down.Read the full story ›
Ipswich Town have signed Bournemouth striker Brett Pitman for an undisclosed fee.
The 27-year-old moves to Portman Road after penning a three-year contract, with the option of a further 12 months.
The switch is separate from the deal that saw Town defender Tyrone Mings join Bournemouth and Ryan Fraser head in the opposite direction.
Pitman scored 13 league goals last season as the Cherries were promoted to the Premier League as champions.
Highly-rated Ipswich Town defender Tyrone Mings has joined Premier League newboys Bournemouth in what is a club-record deal for the Cherries.
He's signed a four-year contract on the South Coast.
Bournemouth winger Ryan Fraser has moved to Portman Road on a season-long loan as part of the transfer.
Highly-rated Ipswich Town defender Tyrone Mings is closing in on a move to Premier League newcomers Bournemouth, according to reports.Read the full story ›
Ipswich Town Football Club are suing Suffolk Police for £500,000 claiming they were "illegally" charged for policing costs on match days.Read the full story ›
Ipswich Town have signed young Welsh defender Josh Yorwerth on a two-year deal.
The 20-year-old was released by Cardiff City this summer and will move to Portman Road on a free transfer on July 1.
Yorwerth has yet to make a senior appearance.
Norwich City start Premier League campaign at home while MK Dons are away for their first ever Championship game.Read the full story ›
Ipswich Town strikers Daryl Murphy and David McGoldrick will start up front for the Republic of Ireland this afternoon as they host England for the first time in 20 years.
The duo have formed a great partnership together in recent seasons for their club, and Ireland boss Martin O'Neill will be hoping that they can replicate their understanding in Dublin.
Norwich City midfielder Wes Hoolahan is on the bench.
Republic of Ireland v England, live on ITV, 13.00