Raith Rovers say Hibernian made a "ridiculous offer" for Dylan Tait before eventually agreeing to sell the 19-year-old midfielder two minutes before last week's transfer deadline.
The Scottish Championship club only agreed to the deal as long as Tait returned on loan until January.
Rovers chairman John Sim issued a website statement to clarify events.
"I can confirm that we will receive more at the front end than has been quoted by some press outlets," he said.
"With further significant payments to come if Dylan progresses in his career as we expect."
Sim claims that Hibs had wanted Tait to move to the Premiership club "immediately as they said that they saw him competing immediately for a first-team place".
"Hibs had made a ridiculous offer, which we had rejected," he said. "It involved no money but players in exchange.
"I suggested that there was no way that the Raith Rovers manager would sanction a transfer at this late stage, so I did not think we needed to proceed further. I was then advised that the agent had already spoken to the manager and that the manager would not want an unhappy player - he also stated that the manager would have a back-up plan."
However, with with both Brad Spencer and Frankie Musonda currently injured, Rovers did not believe they had a suitable replacement.
"In all of our transfer negotiations, we now expect a significant sell-on clause plus various incentives depending on how the player progresses," Sim added.
"This was also conveyed to Hibs together with a requirement that the fee be increased. The deal was done and papers were lodged with Hampden at 2358hrs with discussions on the loan ongoing until 0045hrs on 1 September."
Hibs ran out of time that same evening to complete a last-minute deal for St Mirren midfielder Jamie McGrath,