Manchester City explains why it withdrew from the Declan Rice deal

Manchester City CEO, Ferran Soriano, has clarified the reason behind the club's withdrawal from the negotiations to sign Declan Rice from West Ham.

Initially, Manchester City was competing with Arsenal for Rice's transfer, but they eventually decided to end the negotiations.

Soriano stated in an interview with the British newspaper “Mirror”: “If you look at what we did at the beginning of this project, there was a need for a lot of changes and investment, but not anymore.”

He added, “If you look at what we have done in the past five years, our level of investment in carefully considered new players has been good.”

Soriano continued, “We are not big spenders in the past year or the past three or five years. We have a platform where we know what needs to be done and we can do it with time and intelligence. When we don't like a deal, we walk away.”

Declan Rice is set to join Arsenal from West Ham in a deal worth £105 million.