Milan had been chasing a reunion with the player all summer long.
Adriano Galliani said that there were too many risks involved in the deal.
“We were waiting on the opinion of a well-known Spanish economics expert, and that’s now arrived,” he told the Milan Channel.
“The operation is closed because there are too many risks.”
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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.