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FC Utrecht have confirmed that they have lost their bid to receive payment from Swansea City in the Court of Arbitration for Sport.

Club director Wilco van Schaik said that the court had 'proven them right on some points' but that 'overall they had been defeated'.

The Dutch club argued that a 30% sell on agreement between the two clubs was ignored when Michel Vorm to Tottenham Hotspur in July 2014.

That was at the same time as Ben Davies joined him at White Hart Lane and Gylfi Sigurdsson moved in the opposite direction.

Swansea City argued that the Davies swap deal was separate to the Vorm transfer, a free deal that meant they did not have to pay Utrecht any money.

(Image: Tottenham Hotspur via Action Images)

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FC Utrecht and Swansea had agreed a 30% sell on clause when Vorm first moved to the Liberty Stadium.

FIFA initially ruled that Swansea had acted correctly, leaving Utrecht to take the case to the Court of Arbritation for Sport.

That court, according to van Shaik, have disagreed with FIFA's ruling and judged that this was a player exchange deal.

However, they have ruled that no money is owed, determining that there was nothing untoward about the value of the deal.

Swansea City director Jon Van Zweden took to Twitter say that he was 'happy with the verdict'.

The case was heard in January, with a verdict initially expected the following month.

(Image: Action Images / Ed Sykes)

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The lengthy delay reflects the complicated nature of the deal.

Michel Vorm made just one Premier League appearance last season, and has not played a competitive fixture since his side's 1-0 defeat to Crystal Palace in the FA Cup on February 21st.

He made 97 appearances in all competitions for Swansea City across three years in South Wales.

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