Mark Catlin delivered Pompey’s warmest wishes as Jed Wallace embarked on a fresh challenge.
And immediately pledged to reinvest the transfer fee into Paul Cook’s playing squad.
The 21-year-old yesterday completed an anticipated summer exit, with Wolves the destination in a three-year contract.
With a £275,000 buy-out figure in Wallace’s contract, the Championship side pounced to sign the attacking midfielder for an undisclosed fee.
Chief executive Catlin insists a sell-on clause and add-ons were included as part of the deal with counterpart Jez Moxey.
Now supporters’ eyes are fixed on who will join Kyle Bennett at the club following his arrival from Doncaster yesterday. And Catlin stressed Cook’s recruitment kitty has been swelled by Wallace’s departure.
There are significant sell-on clauses and add-ons as part of the deal, although both clubs want the precise details to remain confidentialMark Catlin
He said: ‘The board and myself pretty much knew that should we not achieve promotion this season then Jed would be looking to progress to a club in a higher division.
‘It is disappointing he has left but we understand his reasons and wish him good luck for the future.
‘Jed is 21 but I have never known anyone in or out of football as advanced in his years who cares about people and I know what this club and the fans mean to him.
‘It has been a big wrench for him to leave but he felt the right time was for him to go – and genuinely it wasn’t about the money.
‘At least three clubs were seriously interested and it was Wolves who came out on top. There are significant sell-on clauses and add-ons as part of the deal, although both clubs want the precise details to remain confidential.
‘As we always said, we run a tight ship and money raised will always look to be invested back into the playing side of the business to give our fans the success they deserve.
‘That is precisely what we intend to do, enabling us to recruit players to give us the greatest chance of success on the pitch.’
Wallace made 121 Pompey appearances and scored 30 goals, as well as establish himself as the top scorer for successive seasons.
And Catlin admitted it was sad to say farewell to the club’s prized asset.
He added: ‘How Jed is as a player is a matter of opinion because football is about opinions but as a person he is a thoroughly decent individual and always conducted himself in a great manner.
‘Yesterday was an emotional day because he is such a great lad.
‘Most players tend to care about money but with Jed it was about the football.’