Manchester City chief executive Ferran Soriano has explained why the pulled out of the race to West Ham United and England star Declan Rice.
The Citizens and Arsenal were battling it out to sign the England star, with City bidding a reported £90million plus add-ons, which was rejected by the Hammers.
However, the treble winners reportedly pulled out of the race this week, which saw the Hammers accept Arsenal's bid of £105million a couple days ago.
Read: Liverpool 'trigger' Bundesliga Star's €70m release clause
Reports claim the Citizens did not want to meet West Ham's demands, with Soriano hinting that might have been the case for the England star.
"If you look at what we did at the start of this project, there was a need for a lot of changes and investment - but not anymore," Soriano said, as per the Sun.
"If you look at what we have done in the last five years, our level of investment in new players is well thought out.
"We are not the top net spenders of last year or the last three or five years. We have a platform where we know what to do and we can do it with time and intelligence.
"When we don't like a deal, we walk away and we don't panic."
While City did lose the services of Illkay Gunogan on a free transfer to Barcelona, the club did confirm the arrival of Mateo Kovacic from Chelsea this week.
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