Walsall will receive �420,000 from the sale of striker Michael Ricketts from Bolton to Middlesbrough.

Ricketts started out his career at the Midlands club and they negotiated a sell-on clause when they sold him to Bolton for �400,000 in July 2000.

"The transfer fee paid by Middlesbrough was �2.5m and not �3.5m," said Walsall chief executive Roy Whalley.

"Some sell-on clauses have been inserted but these are dependent on upon Middlesbrough achieving League and Cup success during the next couple of seasons.

"We receive 20% of the balance, amounting to �420,000."

Whalley, speaking on the club's official website, added: "While the Ricketts transfer is a welcome development for the club, it will not guarantee a 12th successive trading profit.

"It will, however, go some way towards helping the club overcome the �2.5m loss of income following the demise of ITV Digital."