Everton are set to benefit from a sell-on clause in the deal that saw the club sell Tom Cannon to Leicester City
Everton are expected to earn more than half a million pounds from the sale of former starlet Tom Cannon. The 22-year-old has now completed his move to Sheffield United from Leicester City, who bought the striker from the Blues in the summer of 2023.
Cannon had been on loan at Stoke City, where nine goals in the Championship sparked a surge of interest in him heading into the crucial months of the campaign.
That led Leicester to recall the Republic of Ireland international in order to sell him to the promotion-chasing Blades in a deal thought to have been worth around £10m.
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With Everton having sold him in a £7.5m package, and with the club having inserted a clause whereby it would receive 25% of any future profit, the Blues should earn in the region of £625,000 from the move.
That fee is a welcome boost for Everton, one that will help to improve its position in relation to financial regulations for the 2024/25 football financial year.
While the takeover by The Friedkin Group, completed last month, has provided stability to the club, the remnants of previous struggles are continuing to limit the Blues until the end of June.
July will mark the beginning of a fresh financial year and see the worst of previous excesses removed from regulatory calculations, freeing up room to be more ambitious in the transfer window.
Until then, the club has to operate carefully in the market, but the boost offered by Cannon’s sale will still be useful as David Moyes seeks improvements over the next week.
Cannon’s success in the Championship has been of little surprise. He performed well in the league while on loan from Everton to Preston North End and then was part of Leicester’s promotion campaign last season, albeit he was injured for a chunk of that year.
Sheffield United boss Chris Wilder has admired Cannon from some time, including in the summer, and has been backed by his bosses with the club second in the Championship. He forward has signed a four-and-a-half-year deal, which contains an option for a further 12 months.
Of the addition of Cannon to his squad, Wilder said: “This is a big statement by the owners and shows the ambition of the football club. Bringing in someone of the calibre of Tom at this time will excite the supporters and energise the group.
“He is of a good age to develop but also has the experience of this level, both important factors. I spoke to Tom in the summer, he’s aware that I am a big fan of his talents, I’m delighted he is a Blade and part of our longer-term vision.
“This significant signing is a collaboration of the work of the recruitment team, our own eye and the data we have, because Tom is right up there with his stats – he is also the style of centre forward we believe will boost the squad. A number of aspects have come together and the result is we have another very good player as we embark on the second half of the season.”
