WANDERERS have been fined £10,000 for breaching regulations involving agents during the sale of Matt Phillips to Blackpool.

The club have also been warned as to their future conduct by the Football Association after admitting breaching regulations in relation to player/agent activity.

It's understood Phillips' agent Phil Smith was to be paid a proportion of the 25 per cent sell-on fee instead of a commission when the Aylesbury-born forward moved to the Seasiders in 2010. The original proposal was turned down by the FA.

Wycombe Wanderers Trust sold the sell-on fee ahead of Phillips' transfer to QPR last year, and Smith approached the club again with the former Blue primed for a move back south.

The Trust instead reported the matter to the FA and later admitted to breaching rule C2 of The FA’s Football Agents Regulations.

It was announced today the club has been fined following a meeting of the Independent Regulatory Commission - which handed Smith a two year ban, 18 months of which has been suspended. The agent had denied any wrongdoing.

In a statement the club said: "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."