Cheltenham have sold striker Steven Gillespie to Colchester for an initial £425,000.
The deal includes a sell-on clause and bonus if the U's gain promotion, but nearly £100,000 of the fee will go to Bristol City as part of their sell-on clause. The deal does leave the finances in place to sign Bulls target Gary Hooper, but the bulk of the fee is expected to cover the shortfall in their budget from the delayed groundshare with Bristol Rovers.
The deal is a record fee for both sides and Colchester have also completed a move for Rochdale's David Perkins, beating Stockport to the former Morecambe midfielder. They are not the only side flexing their financial muscle in a division that is fast becoming a split between the haves and have-nots. Leeds have signed Bristol City striker Enoch Showunmi on a free transfer. His 15 goals helped City out of League One just over 12 months ago.
Meanwhile, it is being reported tonight that former loanee Stephen Jennings has signed a new deal with Tranmere after being touted as a Bulls target on the forums in recent weeks.