The payoff is believed to be in the region of £3million, a fee that will see Cole’s proposed move to the Hammers finalised imminently. As a result of Liverpool’s generous severance deal intended to remove the player from the Anfield books, the Irons will not incur a fee of any kind, looking to sign him on a free transfer.
Having handed Cole’s senior debut at West Ham in 1999, current QPR boss Harry Redknapp acknowledged the player’s determination to re-join the club he signed for as a schoolboy. Redknapp stated, “I was going to take Joe but he is West Ham through and through, so I understand [the move].
“He is going back home so I wish him all the best.
“Joe is the only player I tried to get and I thought he was coming, but West Ham came in and that was it,” Redknapp continued.
The player had 18-months to run on his £90,000 weekly contract at Anfield. The payoff agreed is suggested to be saving Liverpool approximately £4million by agreeing to such a package early on, rather than letting his contract run to an end.
Cole, 31, had his medical yesterday night and could be thrown into the mix in an FA Cup clash against Manchester United.