Derby County will make an initial £275,000 payment to Tranmere Rovers for young winger Steve Davies following Tuesday's meeting of the Professional Game Compensation Committee.

A panel also decided that the 20-year-old will be subject to a further £250,000 depending on appearances, £200,000 if Derby County are promoted to the Premier League in the next three years, and a 15 per cent sell-on clause.

Adam Pearson, the Rams' chairman of football, said: "We would like to thank the panel for taking the time to consider this and we fully accept their verdict."