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Ugarte had initially agreed to join Chelsea after they matched his release clause of €60 million and offered an additional €5 million in performance-based bonuses to Sporting.
However, PSG made a last-minute attempt to secure the Uruguayan midfielder by doubling the salary they had previously offered him, from €5 million to €10 million per year.
This caused Ugarte and his representatives to reconsider their decision and inform Chelsea that they wanted more time to think.
Chelsea, unhappy with this change of heart, threatened to withdraw their offer, including informing Sporting of their decision.
The final decision ultimately lies with Ugarte, who holds the power to choose the club when more than one team meets his release clause.
Despite this setback, Chelsea is not completely out of the picture, and they are waiting for Ugarte's final response.
The deal between Ugarte and Chelsea was almost finalized, with a contract of at least six seasons and a net annual salary of €3.5 million.
Sporting is also waiting for developments and hopes to maintain good relations with both Chelsea and PSG, as they have already sold Nuno Mendes to PSG and were close to sending Ugarte to Chelsea.
Chelsea and PSG have a history of market disputes, including a failed transfer of Ziyech to PSG due to document errors on Chelsea's part.
PSG made an early move by triggering Ugarte's release clause and offering him a salary of €5 million per year.
Chelsea then joined the race for Ugarte, matching the release clause and offering additional bonuses, but their initial salary offer was lower than PSG's.
Ugarte initially preferred Chelsea's project due to his dream of playing in the Premier League, but PSG's higher salary offer changed the situation.
It was reported that Chelsea had reached an agreement with Sporting and Ugarte, but PSG's new salary offer (€10 million) caused Chelsea to withdraw from the race.