The National League sold the Republic of Ireland midfielder to the Cherries for £175,000 in 2012 and had a 15% sell-on clause included in the deal.
O'Kane moved for an undisclosed fee, but Nicholson says any money will go to help the cash-strapped club.
"I don't think I'll be getting anything," Nicholson told BBC Devon.
"There's more important things."
The Gulls are still looking for new owners having been taken over by a consortium of local business people last summer.
They were forced to close down the club's academy and drastically reduce the playing budget after millionaire former owner Thea Bristow left the club.
Torquay United boss Kevin Nicholson says none of the money from Eunan O'Kane's move to Leeds from Bournemouth will go to the playing squad.