Chelsea offered to buy stake in Sporting as part of Manuel Ugarte deal

Chelsea have since pulled out of the deal

The Uruguay international had been on the radar of the Blues but it now appears that Paris Saint-Germain will win the race to sign Ugarte after they triggered his £60m release clause.

However The Mirror revealed that Chelsea's initial offer to sign Ugarte was not entirely cash-funded. Alongside paying the fee in instalments, helping them to avoid any financial fair play issues, they had included a proposal to buy a minority stake in Sporting.

Co-owner Todd Boehly has made it clear that he would like to invest further and has his eyes on Portugal in particular. Back in March, the American had a £35m bid to buy Portimonense turned down after they felt that they don't need added investment from an English club.

Boehly is keen to set up a similar model to Manchester City and have multiple clubs under one umbrella.

Sporting allegedly told Ugarte that he would be sold to Chelsea this summer but in a turn of events the two-time European champions have appeared to have backed out of the deal.

Further reports claim that Chelsea had also offered the player an eight-year deal despite FIFA ruling that they can only offer contracts no longer than five years.

It's expected to be another busy summer at Stamford Bridge this summer as Mauricio Pochettino prepares for another almighty clearout.

Mason Mount and Mateo Kovačić are expected to be heading for the exit door with deals to Manchester United and Manchester City seemingly in the pipeline while a host of players have been linked with moves to west London.

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• UEFA planning radical change to cap transfer spend and wages