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Liverpool have been ordered to pay Burnley £6.5million plus a further £1.5million in add-ons for striker Danny Ings .

The £8million fee represents a record for a figure set by an English tribunal.

Burnley will also bank 20% of any profit Liverpool make if Ings is sold on in future.

The Reds were today informed of the ruling by the Professional Football Compensation Committee (PFCC) following Tuesday's hearing in Manchester .

Liverpool, who had valued Ings at around £6million, have issued a statement thanking the PFCC panel, insisting it's “fair” and they “respect” the outcome.

Burnley had insisted to the tribunal that Ings was worth closer to £12million.

The figure of £8million eclipses the amount Chelsea had to pay Manchester City in 2010 for signing Daniel Sturridge.

The Londoners had to pay £3.5million for Sturridge and a further £3million based on future appearances.

England international Ings appeared in front of the panel, along with Liverpool's head of legal Jonathan Bamber.

Ings left the Clarets for Anfield last summer after his contract expired. However, as he was under the age of 24, Burnley were entitled to a compensation fee.

The 23-year-old is close to returning to full training with the Reds – some six months after he ruptured his anterior cruciate ligament.

The striker had enjoyed a flying start to his Liverpool career. He scored three goals in five starts and was rewarded with a full England debut against Lithuania before suffering the crushing injury setback.

A statement from Liverpool said: “Liverpool Football Club would like to thank the PFCC panel for their time and diligence in deciding this matter.

“We believe the process was conducted fairly and we respect the outcome.

“We are pleased for Danny Ings, in particular, that this chapter is now complete and he can look forward to a long and successful career at Liverpool.”