Chelsea have conceded defeat in the race to sign Fernando Torres because they refuse to compete with Manchester City’s vast spending.
The West London club were preparing a move for Torres, whose future is uncertain given Liverpool’s troubled season. But in another sign of a power shift in the English game, Chelsea will be forced to look at the cheaper option of Sergio Agüero, the Atlético Madrid forward.
City are preparing an opening bid in the region of £50-£60 million for Torres, but are ready to go much higher to sign a world-class player to give credibility to their ambitions.
Chelsea were in a similar situation after Roman Abramovich’s takeover in 2003, although they are now moving towards self-funding after years of free spending, a