SWINDON Town owner Lee Power has splashed the cash to land Charlton Athletic striker Michael Smith for an initial £100,000.

The Advertiser understands the Robins will pay the Addicks half the headline figure of £200,000 which was reported as the fee for the forward yesterday, with a further £100,000 potentially due in add-ons.

Charlton are believed to have inserted a sell-on clause into the deal, through which the Championship outfit will be owed a percentage of any profit the Robins make on the 22-year-old.

Swindon have been monitoring Smith for several months and showed an interest in the hitman, who scored 10 goals in 25 appearances on loan at AFC Wimbledon earlier this season, over the course of the summer. He is believed to have signed a two-and-a-half deal in Wiltshire.

According to reports in London, Addicks boss Chris Powell recently revealed that more than 10 clubs had enquired about the Geordie but Smith has picked Swindon above the likes of Bury and Southend.

The frontman, who worked under Town manager Mark Cooper during their time at Darlington, took to Twitter yesterday to speak about his move.

He wrote: “Loved my time at (Charlton) cant thank the club and fans enough for their support over the years! Wish the club all the best for the future! Looking forward to the next few years with Swindon, cant wait to get started.”

As the Adver went to print last night, Town had still yet to confirm the signing of Smith.