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Liverpool FC will receive a £560,000 windfall after Hull City and Blackpool reached an agreement over a transfer fee for the signing of Tom Ince.

The Reds are entitled to 35% of the £1.6m the Tigers will pay the Championship strugglers due to the sell-on clause they negotiated prior to the winger’s exit from Anfield back in 2011.

Ince, the son of former Liverpool captain Paul, signed for Hull on a two-year deal last summer after his contract with the Seasiders expired. However, with him being under the age of 23 Blackpool were entitled to compensation.

A tribunal had been set up on Thursday to rule on a figure but on Wednesday night the clubs struck a deal. Blackpool settled on a fee of around £1.6m up front and that figure could rise to £2.3m depending on appearances and Hull City avoiding relegation from the Premier League.

Ince’s solitary senior appearance for Liverpool was in the League Cup defeat to Northampton Town back in September 2010. He has struggled to establish himself at Hull and was sent out on loan to Nottingham Forest earlier in the season.

Tom Ince in pictures: