Margate owner John Webb has revealed that all the money made from the sale of Freddie Ladapo will be invested in the team and the ground.

The 23-year-old striker signed a two-and-a-half deal with Barclays Premier League side Crystal Palace on Wednesday.

The fee was undisclosed but is believed to be in the region of £50,000 with add-ons.

Mr Webb said everyone at Hartsdown Park was delighted to see Ladapo finally get his move, and insisted that the cash will be re-invested.

Mr Webb, who succeeded Bob Laslett as Gate owner/chairman last Wednesday, explained: "All the money we've made out of Freddie will go back into the team in the first instance and any money the (new) manager does not require (next season) will go on ground development."

Ladapo signed for the Blues from Kidderminster Harriers in January 2015, having impressed Gate manager at the time Terry Brown while on loan at Grays.

He helped the club win promotion from the Ryman League Premier Division last season and is their top scorer this season with 12 goals.

Mr Webb added: "We obviously wish Freddie all the best and we hope this proves what sort of club we are. We will bring youngsters on and give them the opportunity to go onto bigger and better things."

Margate have confirmed that they won't be offering boss Nikki Bull a contract for next season, but Mr Webb revealed the pair had spoken today and he had every faith in the players securing the points they need to avoid relegation.

Gate - six points clear of the drop zone - have five games remaining starting with Saturday's trip to fellow Vanarama National League South strugglers Weston-super-Mare, and Mr Webb feels confident the players will end their seven-match losing sequence.

"The one thing that has become abundantly clear in the last week is the respect the players have for Nikki," he added.