IAIN Anderson has been signed by Grimsby Town, less than 24 hours after he agreed a settlement to terminate his contract at Preston North End.

The 25-year-old has agreed a two-year deal at Blundell Park after falling out of favour at Deepdale.

He was one of three players asked to accept a one-off payment instead of sitting out the remaining year of his contract.

The former Dundee and Toulouse player cost Preston £500,000 in July 2000 following a loan spell and was a regular under previous boss David Moyes.

But injury made his chances under Craig Brown few and far between - he started just one game - and ended on loan at Tranmere Rovers.

The Wirral outfit had wanted to take Anderson on loan, but could not agree on wage costs with Preston.

"It didn't work out for me at Preston last year under the new manager. But that's football," Anderson said on arrival at Grimsby.

"I'm here now and just want to get on with it. I'm delighted to be joining Grimsby."

The settlement deal could make the other two players - Mark Rankine and Tepi Moilanen - suddenly very attractive options for new clubs.

With extra money in hand, the players can afford to take the sort of pay cuts clubs are demanding following the collapse of ITV Digital.

Tepi Moilanen still hopes to carve out a new deal at Hearts, while Rankine will begin talks at Sheffield United next week..