Wycombe Wanderers have been fined £10,000 and warned over their future conduct after admitting breaching the FA's football agents regulations in the relation to the sale of Matt Phillips to Blackpool, reports getbucks.co.uk

Phillips, who now plays for Queens Park Rangers, was sold to Blackpool in 2010 for £350,000 but the move breached rule C2 of the FA's regulations in relation to player agent activity.

A statement was released today by the Chairboys and it is understood the Wanderers Trust will not be contesting the fine.

The statement read:

“Wycombe Wanderers Football Club has been issued with a fine of £10,000 for a breach of C2 of The FA’s Football Agents Regulations, in relation to the original sale of Matt Phillips to Blackpool in the summer of 2010.

“During Wycombe Wanderers Trust’s period of due diligence of the club during its acquisition in 2012, they were assured there would be no outstanding liabilities in respect of this, or any other, transaction carried out by the previous management. We now understand this not to be the case.

“The Football Club has cooperated in full with the FA, acting in good faith and bringing the matter to the attention of the authorities once the irregularities were discovered in September 2013. At no point before, during or after the investigation has the club attempted to deceive or conceal information from the FA.

“Whilst the charge is related to the time of the previous owner, and that the £10,000 fine is a direct result of the action of those previously associated with the club, Wycombe Wanderers and Wycombe Wanderers Trust accept the charge and will not be making an appeal.”

The football agent in question, Phil Smith, has had his agent's license suspended with immediate effect for two years, 18 months of which has been suspended for two years.