Ipswich have confirmed they will make payment to the receivers of Chester City Football Club following the sale of captain Jon Walters.
Walters joined Town from the now defunct club in January 2007 and the former non-league side inserted a sell-on clause to the deal. They are due money after Walters joined Stoke for a fee which could reach £3.25million.
Chief executive Simon Clegg said: "While Chester City were wound up in March 2010 it remains a legal entity and is controlled by the official receiver.
"Our respective lawyers have recently reached a mutually agreeable financial settlement in respect of the contracted sell-on clause in Jon Walters` contract."