Exeter and Luton agree Richards compensation

Jake Richards has begun to establish himself in Luton Town's first team

Exeter City and Luton Town have agreed an undisclosed fee for midfielder Jake Richards following his summer switch to Kenilworth Road.

The highly-rated 18-year-old came up through the Grecians' academy and made 32 senior appearances but left in the summer after not signing professional terms.

He agreed a deal with Luton as a free agent, but as he was under 24 Exeter were entitled to compensation.

The two clubs have agreed terms that will be paid in three instalments across this season and next season.

"As a supporter-owned club, our academy plays a vital role in sustaining and strengthening our model," Exeter City manager Gary Caldwell told the club website.

"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."

He is the latest academy player that Exeter have sold in recent years following the likes of Jay Stansfield, Alfie Pond, Jack Stacey and most memorably Ollie Watkins and Ethan Ampadu.

Neither club has disclosed if there is a sell-on clause in the agreement.

Richards has made six starts and five substitute appearances for the Hatters this season, scoring his first Luton goal in the 3-0 win at Stockport County earlier this month.

"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," Luton boss Jack Wilshere told the club website.

"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."