Truro City chairman Peter Masters says the National League South club "did not get a sausage" from Isaac Vassell's transfer to Birmingham from Luton.
Vassell, 23, spent two years at Truro but joined Luton on a free transfer in July 2016 after his contract expired.
It means the Cornish side did not receive any sell-on fee from the striker's move to the Championship.
"We live and learn on Isaac - I think that was an opportunity missed there," Masters told BBC Radio Cornwall.
"But as the circumstances were at that time, we just didn't get anything from him. It's a bit disappointing, but good luck to Isaac."
Steve Tully was Truro boss during Vassell's time at Treyew Road, and says he had advised Masters to give the forward a contract to ensure they would receive money from his success.
"Just to make this clear, Truro City didn't get a sausage out of it unfortunately. There were a number of reasons why we didn't any money out of it, but the lad's done well," added Masters.