FC Bayern München Chief Executive Officer Karl-Heinz Rummenigge has said it is not true that the club paid €38 million for Mats Hummels.
The 27-year-old recently joined Bayern after eight-and-a-half years at Borussia Dortmund, penning a five-year contract with the Bundesliga champions.
After the move, media reports in Germany suggested the former Dortmund captain had joined the club for a fee of €38 million.
However, Rummenigge denied that Bayern had paid such a high price for the centre-back, but did not disclose the actual fee.
Speaking at Hummels' official unveiling, Rummenigge said: "The fee of €38m is too high. I read it time and time again, but it's just not true."
Meanwhile, Hummels said he joined FC Hollywood as they were one of the best teams in the world.
"Bayern are one of the two, maybe three best teams in the world. They enter each season with the chance to win everything."
The player has already enjoyed success in his career, having won the Bundesliga with Dortmund in 2011 as well as the domestic double in 2012.