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A tribunal has decided Ipswich Town will pay Tranmere Rovers an initial £240,000, possibly rising to £520,000, for defender Aaron Cresswell.

The 21-year-old signed a three-year deal at Portman Road in July.

Rovers were due a fee because Cresswell is under the age of 24 and was offered new terms by the Prenton Park club.

"Although it didn't meet our expectations I am pleased with the result of the tribunal," said Rovers chairman Peter Johnson.

Town boss Paul Jewell told : "We didn't want to go to tribunal and we are glad it's done and dusted now.

"We are not unhappy with the verdict and I'm just pleased we can move on now because I think it was playing on the mind of Cressy a bit."

Johnson added: "Aaron Cresswell is the sort of player who will fulfil their requirements and no doubt appear in the 60 games we need to maximise the additional income."

Ipswich chief executive Simon Clegg said: "We would have liked to have come to an agreement with Tranmere before but having presented our case, we are satisfied with the outcome.

"Without going into all the financial details, the decision falls near enough exactly in the middle of what Tranmere wanted and we offered."

The terms of the deal were decided by the Football Compensation Committee on Wednesday.