"We are not prepared to comment on the fee involved. Let's just say they have met our asking price."
Ridsdale went on: "We regard this as a good deal for a player who could have left on a free transfer in 16 days' time.
"The transfer window closes on August 31 and no-one would have paid any money for Glenn after that. In January, he could have signed a pre-contract agreement to join another club in the summer, which would have meant we would have lost him for nothing.
"In those circumstances, we didn't have a choice really."
As previously reported the Chairman has declared that the income from the transfer would be made available to Dave Jones. The City boss now has two weeks in which to go shopping before the transfer window closes.