'We will not receive any money' - James joined Everton on a free transfer, claims former club Banfield

James Rodriguez's move to Everton from Real Madrid was allegedly a free transfer, according to the forward's former club Banfield, who have claimed that they will receive no money from the 29-year-old's switch to the Premier League.

The Colombia international reunited with former boss Carlo Ancelotti at Goodison Park earlier this month after bringing the curtain down on a six-year spell at the Spanish giants that included a two-season loan stay with Bayern Munich.

Reports estimated a move worth £22 million (€24.1m/$28.5m) had been struck by the Toffees to bring the player from La Liga to the top-flight of English football and the influential playmaker looked to have justified his price tag with a fine performance on debut as Everton outsmarted Tottenham Hotspur for a winning start.

But now, Argentine Primera Division outfit Banfield - where Rodriguez spent a year and a half before his move to Porto in 2010 - have now claimed that the actual value of the player's move is much lower than indicated after they attempted to seek their share of the profits.

The club say they are entitled to a cut of the money from the player's subsequent transfers - on a career path that has taken him from Portugal to Monaco to Spain - but that they have been unable to pick up any earnings on this particular move.

"After hearing the news of the transfer of James Rodriguez from Real Madrid to Everton, and with attention to the current FIFA regulations, the Club Atletico Banfield made the pertinent inquiries to find out if it was their responsibility to collect money through a solidarity mechanism," read a statement from club treasurer Ignacio Uzquiza.

"Despite various reports from news outlets that indicated that the transfer had been for a significant cost - a situation in which Banfield was going to have benefited from with a percentage of that sum for having contributed to the training of the player - we have discovered that this was not the case.

“Unfortunately, because of the nature of James Rodriguez's transfer from Real Madrid to Everton to Banfield, no money is due. The transaction was made at no cost, as if he were a free player."

Rodriguez still had a year left to run on his Madrid deal ahead of the switch to Everton, and Banfield have added that their inquiries to both clubs and the wider governing bodies have reaffirmed that they will be left empty-handed.

"The pertinent consultations have already been made to the two clubs involved and to the corresponding organizations," they added. "In all cases, they confirmed to us that the club will not receive money as a solidarity mechanism."