(Reuters) - Liverpool must pay Fulham up to 4.3 million pounds ($5.94 million) for Harvey Elliott's transfer, a record fee for a 16-year-old, the London club said on Thursday following a ruling by a compensation tribunal.
Liverpool signed midfielder Elliott from Fulham as a 16-year-old in July 2019 but the two clubs could not agree on a compensation fee, with the transfer being referred to a tribunal.
The Professional Football Compensation Committee (PFCC) ruled that the Premier League champions must pay a guaranteed compensation fee of 1.5 million pounds plus 2.8 million in contingent amounts dependent on the player's performance.
"Liverpool Football Club respects the outcome of the PFCC's fair and thorough process in this matter," the Merseyside club said in a statement https://www.liverpoolfc.com/news/announcements/425501-liverpool-fc-statement-on-harvey-elliott-fee-decision.
"We would like to thank the panel for their time and diligence in reaching a decision."
Fulham said in a statement https://www.fulhamfc.com/news/2021/february/Club-Statement-Harvey-Elliott that the West London club were "very pleased" with the decision.
Elliott is currently on a season-long loan at second-tier Championship side Blackburn Rovers, who are eighth in the standings.
($1 = 0.7235 pounds)
(Reporting by Manasi Pathak in Bengaluru; Editing by Toby Davis)