Surely it would make sense to accept a fee that would cover his remaining few months of his contract? So say he's on £35k a week which would be £840k over 6 months. Accept a fee in the region of £500k, let him leave and pay him the remaining £340k of his contract. Spend the £500k on wages towards a new loan player.
Obviously without knowing the facts, this might be what we're doing but I'd be surprised if Sivasspor didn't offer £500k. Another factor could be the the possible final instalment of a signing on fee.
Even if we save a few hundred grand it makes sense as he's no use to us and whatever we save can go towards a much needed new signing.
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