Monaco's chief executive Vadim Vasilyev has revealed that the club had no plans to sell James Rodriguez prior to Real Madrid's interest.

Following much speculation, the Colombian international signed a six-year contract at the Bernabeu earlier today, with the French club believed to have received around £70m for the 23-year-old's services.

However, despite Monaco's reluctance to sell the player, Vasilyev has conceded that the switch was in the best interests of all three parties.

"Monaco are proud to have helped James Rodriguez reveal his talent to the world as he notably made his mark on the 2014 World Cup in Brazil winning the Golden Boot," Vasilyev told the club's official website. "James is a fantastic player who achieved great things with Monaco and the club had no intention to sell the player.

"However, the time came when the solution of a transfer was considered to be the most beneficial solution for all parties. Monaco are proud to be a part to one of the most significant transfers in football history.

"Monaco are a club that will continue to grow and remain focused on the future. More than ever we have the ambition to strengthen our team and continue to progress for next season."

Rodriguez scored nine goals in 34 Ligue 1 outings last term.