Peterborough United land striker for '˜substantial six figure fee' from Newcastle United

Toney joins Posh after spending last season on loan at League One sides Wigan Athletic (who won promotion) and Scunthorpe United, where he scored a total of 12 league goals.

The 22-year-old came through the ranks of Northampton Town and has now signed a three-year deal at the ABAX Stadium and becomes the club’s 16th signing of the summer.

Chairman Darragh MacAnthony revealed this morning that Toney, who completed formalities late on Wednesday evening, had been one of three strikers the club had been chasing all summer as part of a “substantial investment” into the first-team squad.

The transfer window closes later today.

Posh boss Steve Evans said: “It goes without saying that I am obviously delighted to land the signature of Ivan Toney. He is a young man who is coming from a great football club but has predominantly in the last few seasons been around a number of clubs on-loan and, it has to be said, he has been successful at each of them.

“I personally took up a reference on character on Ivan from most of the managers he has worked with because I know enough about him as a player, and every one of them said they would want him part of their group this morning, so that is a very positive sign.

“Posh supporters should be aware that this is the first striker that I authorised a bid to be made for and it is the first name on the striker’s list to bring to Peterborough United when I met with the board in America back in May.

“Our Director of Football Barry Fry made a written offer quite a way back and I have kept in touch with the situation and we eventually got a signature on a contract just after midnight last night.

“It goes without saying that we welcome Ivan. He has added to a strong group and brings competition in the attacking areas.

“What a wonderful introduction to transfer deadline day! I would like to thank Barry Fry for his perseverance, who often gets forgotten in how diligently he works on these matters, and of course to our chairman Darragh MacAnthony and the board.”

Toney will meet his new team-mates at the Mick George Training Academy this morning as preparations continue for Saturday’s trip to Rochdale.