On signing for the English Premier League millionaires, Iheanacho is to get 250,000 pounds, his father will pocket 350,000 pounds, while the Taye Academy in Owerri will receive 300,000 pounds.
MTNFootball.com can specially reveal that the MVP of the recent U17 World Cup in the UAE signed a contract with City at the weekend after he passed a medical in Madrid, Spain, with City chief scout Gary Worthington in attendance.
However, both he and his father, James Iheanacho, who accompanied him to Spain, were shocked to learn that they will not be paid any cash by the EPL side till January 2015, when the youngster would have clocked 18.
This has now forced the Iheanachos to explore the possibilities of the boy opting for Portuguese champions FC Porto, who have also tabled an offer for him and were at a time favourites to land the highly-promising forward.
His mentor at Taye Academy, Kennedy Echenwere, said the Eaglets star is currently in Lagos and has decided to follow his heart and join FC Porto.
“Kelechi is in Lagos now, he has decided to join FC Porto and not Manchester city,” Echenwere told Brila FM on Tuesday.
Iheanacho senior said the family are still trying to persuade the youngster to join Manchester City.
Several efforts to reach the player on phone were unsuccessful as he did not pick up his call.