Chairman Derek Shaw has told the official website that allowing Sean St. Ledger to move on was necessary in a very difficult financial climate.

Speaking to the official website the PNE chief reflected on how a transfer deal was almost completed before the transfer window closed at the end of August: "He missed out on signing on transfer deadline day," said Shaw. "We were only approached 24 hours before the window shut. Sean was away with the Irish squad, which made it extremely difficult to get a deal done."

He now expects that a permanent deal will be agreed in January and has confirmed that Middlesbrough have demonstrated their commitment to a more permanent arrangement by putting a considerable loan fee on the table at this stage.

"The deal will keep this Club going in difficult times," continued the chairman. "Talks continued throughout the last two weeks and we have had to use the loan market. But the deal can be made permanent in January and the overall fee is extremely good, a deal which Preston North End can't refuse.

"Pressure comes from our bankers in these difficult times, to keep this football club going with a Championship status."

He was also quick to look to the future, one he thinks will be positive for Preston North End: "We already have in an experienced centre back in Neill Collins, who we have loaned from Wolves, who has played in two promotion winning sides and we also have a good young centre back who has gone to Southampton on loan to gain much needed experience, to be ready to come into our side.

"As chairman of the Club, I am very disappointed we have to lose players of Sean St. Ledger's ability, but until we make that step to the next level, or we get external funding from new sources, it is just impossible not to have to sell our better players as and when the deals are right.

"In the past there was a lot more flexibility with the banks, but since the downturn in the economy, bankers and businesses are under pressure, as everybody knows."

Finally the chairman wished St. Ledger, for whom the club only paid £350,000 for his services back in 2006, all the best at Boro: "Sean has been a model professional since joining the Club; a great ambassador for Preston North End."