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Newcastle United have managed to make a big profit on Ivan Toney by picking up a figure of around a fee of around £650,000 for his services .

The forward was also subject to a late bid from Norwegian side SK Brann who lodged a £600,000 offer for Toney before Peterborough United won the race for his signature.

It means that Newcastle have made a profit on the striker after paying around £250,000 for him back in 2015 under Steve McClaren.

Peterborough manager Steve Evans said: “It goes without saying that I am obviously delighted to land the signature of Ivan Toney.

(Image: Getty Images Europe)

“He is a young man who is coming from a great football club but has predominantly in the last few seasons been around a number of clubs on-loan and, it has to be said, he has been successful at each of them.

“I personally took up a reference on character on Ivan from most of the managers he has worked with because I know enough about him as a player, and every one of them said they would want him part of their group this morning, so that is a very positive sign.

“Posh supporters should be aware that this is the first striker that I authorised a bid to be made for and it is the first name on the striker’s list to bring to Peterborough United when I met with the board in America back in May.

“Our Director of Football Barry Fry made a written offer quite a way back and I have kept in touch with the situation and we eventually got a signature on a contract just after midnight last night.

“It goes without saying that we welcome Ivan.

“He has added to a strong group and brings competition in the attacking areas.

“What a wonderful introduction to transfer deadline day!

“I would like to thank Barry Fry for his perseverance, who often gets forgotten in how diligently he works on these matters, and of course to our chairman Darragh MacAnthony and the board.”