LONDON (REUTERS) - Liverpool must pay Fulham up to £4.3 million (S$7.86 million) for Harvey Elliott's transfer, a record fee for a 16-year-old, the London club said on Thursday (Feb 11) following a ruling by a compensation tribunal.

Liverpool signed midfielder Elliott from Fulham as a 16-year-old in July 2019 but the two clubs could not agree on a compensation fee, with the transfer being referred to a tribunal.

The Professional Football Compensation Committee (PFCC) ruled that the Premier League champions must pay a guaranteed compensation fee of £1.5 million plus £2.8 million in contingent amounts dependent on the player's performance.

"Liverpool Football Club respects the outcome of the PFCC's fair and thorough process in this matter," the Merseyside club said in a statement.

"We would like to thank the panel for their time and diligence in reaching a decision."

Fulham said in a statement that the West London club were "very pleased" with the decision.

Elliott is currently on a season-long loan at second-tier Championship side Blackburn Rovers, who are eighth in the standings.