Striker Nascimento had made one Posh appearance in the final game of last season when Palace made their approach.
Posh co-owner Darragh MacAnthony has revealed the remarkable payaments which also involved a £260k payment to the agent and an offer of £325k from Palace to Posh which has been dismissed as ‘insulting.’
MacAntony responded on social media to a report on ‘The Athletic’ website on the targetting of minors.
MacAnthony tweeted: ‘We had a 16 yr old with single mom targeted by foreign agent who got Premier League club to pay player/family £250k signing on fee & got £260k for himself (71% fee based on player contract) so over £500k in total. Club insultingly offered us £300 odd grand.’
Posh have rejected Palace’s offer and are taking the transfer to a tribunal.
Many other clubs had tried to sign Nascimento. Because the player was under 17 and unable to sign a professional contract Posh could not stop him leaving, but they are entitled to a suitable compensation fee.