Chelsea have pulled out of a deal to sign Manuel Ugarte after Paris Saint-Germain offered the Sporting midfielder a bigger financial package.
Ugarte, whose contract contains a £52m release clause, received a lucrative offer from Chelsea and there was a growing expectation that the Uruguay international would become Mauricio Pochettino’s first signing.
Talks were positive and the club appeared to be leading the race. However PSG have been pushing hard to sign the 22-year-old and the French champions refused to be beaten on wages.
Chelsea have responded by withdrawing from talks after deciding they were not willing to pay above the market rate for Ugarte.
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