Fleetwood Town will not be bagging a bumper pay cheque this summer after ex-player Jamie Vardy turned down an alleged £20m move to Arsenal and opted to sign a new deal at Leicester City.
Town chairman Andy Pilley revealed earlier this month that Fleetwood added a sell-on clause into the deal that saw Vardy join Leicester for £1m in 2012.
He told the Gazette that Town and Vardy’s former club Halifax would receive a cash sum - understood to be in the region of £4m - if the 29-year-old made the switch to City’s Premier League rivals Arsenal.
But current champions Leicester City have just agreed a new contract with the England striker who is currently in France preparing for the Three Lions’ first Euro 16 knock-out game against Iceland on Monday.
The Foxes responded with an offer said to be worth £100,000 and Vardy has agreed to stay at the club.
A Leicester City spokesman said: “Leicester City have today agreed with the representatives of Jamie Vardy to extend the England international’s contract with the Premier League champions for a further four years.
“Both parties hope that this announcement will end recent speculation regarding Jamie’s future and confirm his long-term commitment to Leicester City Football Club.”