Preston chairman Derek Shaw believes Ross Wallace's permanent transfer from Sunderland is "a good deal for all parties concerned".
The 23-year-old winger joined the Coca-Cola Championship outfit on loan in August and has signed a four-and-a-half year deal.
"Ross' profile has risen greatly over the last two months," Shaw said. "He has been a valuable part of what we are trying to do here, and the success we've had over the past few months, so we are extremely pleased we have managed to get this deal done."
He added: "Ross is enjoying working with Alan Irvine and the management team and is enjoying his football, and his family have settled in Lancashire, so it is a good deal for all parties concerned."
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