Peterborough chairman Darragh MacAnthony has confirmed they paid Bristol City a £500,000 lump sum this summer following Sammie Szmodic's transfer to Blackburn.
The Posh signed the attacking midfielder from City in the summer of 2020 following a six-month loan spell having fallen out of favour under Lee Johnson. He impressed during his temporary stint which convinced Peterborough to pay £1m for his signature after helping fire them to promotion.
However, following their relegation to League One last season Szmodics made a swift return to the Championship with Blackburn before admitting he was out to prove a point to the City fans who questioned his ability on social media.
City's transfer coffers were very limited this summer as they continue to balance the books and that reflected in Nigel Pearson's transfer business. The four arrivals were free transfers while the manager reiterated the message that somebody would have to leave if they wanted to make a further addition.
Although the balance was eased by Szmodics' switch after MacAnthony went into the details behind the deal between the three clubs. Speaking on The Hard Truth podcast, he said: "You go through the Szmodics deal. First off, he wanted to go and he will tell you that himself. This was his chance to get a good payday.
"He's been really, really good for us. Bear in mind in January when Darren (Ferguson) didn't want him at the time, the best offer we had on the table was a loan deal with Oxford.
"The reason I stopped that was because my biggest fear was that if he went to Oxford and he wasn't playing well and he was on the bench then he's worthless in the summer.
"Grant (McCann) came in and for the last seven or eight games, he played his best football. Suddenly we go from a player worth nothing in January to the summer where Blackburn wanted him. They made five bids in total.
"The problem with the deal was nobody has money to pay upfront. The Blackburn deal wasn't £2.5m, it was £1.8m plus add-ons. We still owed Bristol City £500,000. When I brought Szmodics it was £1m over four years. If you sell a player and you still owe a club, the first thing that happens is that you have to pay a club back. There's £500,000 straight away."
The move also saw City net a further cash windfall following a sell-on clause that was inserted by former CEO Mark Ashton when he was sold to Peterborough. It ensured a 20 per cent profit from any future sale so with MacAnthony moving for £1.8m, City would have been due around an extra £160,000.
Injury prevented Szmodics from returning to face his former club when City defeated Blackburn at Ewood Park earlier this month. Although he'll undoubtedly be relishing the return fixture later in the campaign following comments made in the summer.
He said: "It feels like a relief for me, everyone reads social media and fans at Bristol (City) said I wasn't good enough.
"I played twice at Bristol and I didn't get the opportunities, why, I don't know. Last season, we were fighting relegation. We played some good football at Peterborough but we were up against it from day one.
"It's a relief personally because when I left Bristol it was my aim to play in the Championship and I dropped down to League One which was a big move for me. I wanted to prove to people that I am better than this level and I have earned my move back to the Championship with Peterborough and then getting relegated and now I have a dream move.
"It's not just showing Blackburn fans but also showing fans that I have played for before, this is the level I deserve to play at. I need a chance and opportunity and I am very grateful to have that at Blackburn.
"At Peterborough, perhaps I was too comfortable, at Bristol City I enjoyed the competition but I didn't get an opportunity there."
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