Posh chairman Darragh MacAnthony revealed that the club have spent over £4 million on players in 2012, most of it (£1.1 million) on record signing Tyrone Barnett.
MacAnthony said: “Kane was the player that (Posh manager) Darren Ferguson wanted and I am delighted that we are able to get the deal completed. He is one of the brightest young talents in the country and we have been scouting him for the last 18 months.
“We feel this represents ambition over greed. He has had the opportunity to sign for a number of Championship clubs, but wants to further his career at London Road. We have been trying to complete this deal for a couple of months and it had nothing to do with us losing players.
“This deal takes our spending spree since January to over £4 million, making us one of the busiest sides in the transfer market at Championship level.
“The manager is 100% happy with his squad and has not requested anyone else. He knows there are funds available should he wish to strengthen and that will be the case once again when the loan window opens on September 8.
“The players that are on the transfer list will remain there.”
Ferdinand has represented the Republic of Ireland under 18s and under 19s and has made 62 appearances for the Shrimpers, scoring 10 goals.
He is the cousin of Manchester United defender Rio Ferdinand and Queens Park Rangers centre back Anton Ferdinand. Ferdinand will not be involved in tomorrow’s fixture at Birmingham City (September 1) as the transfer was completed after today’s noon deadline.
Ferdinand had been at Southend since the age of 13. He said: “It was a wrench to leave, but it’s too good an opportunity to turn down.”
Darragh MacAnthony's book From Hobby To Obsession is available here http://www.darraghmacanthony.com/