Exeter City and Luton Town have confirmed that they have agreed a transfer fee for Jake Richards.
The 18-year-old left St James Park to join the Hatters in the summer having turned down a deal to stay with the Grecians. As he is under-24 and had progressed through the Exeter City Academy, the club was entitled to compensation.
The two clubs have now agreed as to what that fee with be without the need for a tribunal. The sum - which is undisclosed - has now been agreed and will be paid in three instalments across this season and next
Richards impressed in his six starts and five substitute appearances for the Hatters so far, having started each of the last three unbeaten Sky Bet League One fixtures under Jack Wilshere, scoring his maiden goal in the 3-0 win at Stockport.
The Town manager has been impressed with what he has seen from a player who had already been nicknamed 'Young Wilsh' by captain Kal Naismith before the ex-Arsenal and England midfielder's arrival at Kenilworth Road.
"Jake is someone I see bits of myself in, especially as a young left-footed midfielder making his way into senior football playing off the right," said Wilshere.
"Credit to the recruitment team and previous management for identifying his talent coming through at Exeter and bringing him to Luton when the opportunity arose.
"He has a lot of experience at the level already for someone who only recently turned 18, and he's got a great attitude to keep learning and progressing.
"He's a long way to go, which Jake acknowledges himself. But there's no disguising that he's got a bit of magic in his feet, as we saw at Stockport, and he's one of several promising players we've got here at the club with a big future ahead of them."
Richards joined the Exeter City Academy as an under-12. His journey to elite football didn't follow the usual pathway of a Grecians academy player, with his development nurtured entirely in-house at the Cliff Hill Training Ground, rather than through the non-league loan system.
At 15, he was selected to feature in City's 2023 pre-season fixture at Mousehole. In September 2023, days after his 16th birthday, he made his EFL debut against Leyton Orient, becoming the third youngest player in the club's history.
He marked the occasion with an assist for Demetri Mitchell's spectacular goal. During his time with the Grecians, he made 32 first team appearances at just 17 years old, scoring twice and providing three assists.
Exeter City manager Gary Caldwell said: "Jake is an outstanding young footballer with huge potential. His attitude and work ethic during his time with us were exemplary, and we take real satisfaction in knowing we have supported his journey to this point. We're confident he will continue to impress and remain a credit to everyone at Exeter City.
"As a supporter-owned club, our Academy plays a vital role in sustaining and strengthening our model. Developing young players and giving them a pathway to first-team football isn't just part of our identity - it's essential to how we operate and continue to grow."