The statement reads: "Chelsea FC will pay an initial fee of £3.5m with additional payments of £500,000 after each of 10, 20, 30 and 40 first-team competitive appearances (all competitions, must enter field of play). There will be a further payment of £1m if the player makes a full international appearance.
Manchester City will receive 15 per cent of any sell-on fee if the player is transferred."
It is expected that Coventry City will receive around £350,000 for a player who left when he was 15 as part of the deal.