Exeter say Watkins sell-on bonus will 'protect' club's future

Exeter City have assured supporters that any money received from Ollie Watkins' move to Saudi Arabian side Al-Hilal will "be used to protect and strengthen the long-term security of the club".

The former Exeter forward completed a £51m transfer from Aston Villa to Al-Hilal on Sunday.

In a statement, external on the club website, the League Two side confirmed they expect to receive a sell-on clause payment, but are still "awaiting further details" about how much and when.

Watkins joined the Grecians' academy aged 11 in 2007, making his first-team debut in 2014 after signing his first professional contract.

Under Fifa's solidarity payment mechanism, a proportion of any transfer fee is distributed to clubs involved in training and developing a player between the ages of 12 and 23.

The club statement said: "We do not know how long this (payment) process will take to conclude, but we do not anticipate receiving any sum before the end of the current transfer window.

"Subject to the terms agreed, it is also possible that payments will be in instalments over a number of years".

"We can assure supporters that any sum received will be used to protect and strengthen the long-term security of the club."

Last season, the club had to make some staff redundant and needed about £600,000 in loans from owners, the Exeter City Supporters' Trust, to stay afloat.

They were helped by a lucrative FA Cup tie with Manchester City, and the early payment of a sell-on fee from their former striker Jay Stansfield's move from Fulham to Birmingham City.