Richard Keogh has left Coventry and signed for npower Championship club Derby for an undisclosed fee.
The highly-regarded defender, 25, has attracted a host of interest from rival clubs following the Sky Blues' relegation to League One last season.
But despite being offered fresh terms with just 12 months remaining on his current deal, Keogh has stressed his desire to play second-tier football and Coventry have cashed in on his services.
City development director Steve Waggott said: "Like every supporter, we wanted him to stay here and have been discussing a new contract with him for a few months now. We really pushed the boat out in terms of our offer because he has been such a fantastic player for the club over the past two years but we do not begrudge the fact that he wants to play in the Championship next season.
"Everything has been done amicably and we have all been 100% honest about where we stand and as soon as it became clear that Richard wanted to go, we had to ensure that we got the best possible deal for the club because we couldn't risk him leaving for nothing next year."
Meanwhile, Coventry have taken emerging Rams striker Callum Ball on a season-long loan deal. Sky Blues boss Andy Thorn insists the two agreements are not tied and that he has been a fan for some time of the 19-year-old, who bagged three goals in 25 appearances last season.