Paris Saint-Germain beat Manchester City in the race for Dani Alves by offering the Brazilian a huge contract worth £230,000 per week, as per reports.
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City had reached a verbal agreement with Alves more than a fortnight ago and had been so confident that he would be joining the club that they had already arranged media activities for him on their pre-season tour of the United States.
The French club's offer is almost double what City had agreed with Alves, who persuaded Juventus to cancel his contract by insisting he wanted to work with Pep Guardiola once again.
City were caught on the hop by Alves' decision and Guardiola, who dined with the Brazilian last Friday, is said to be livid at missing out on the player he coached at Barcelona.
Sources in France have suggested City made a last-ditch counter offer to Alves, matching what he would earn in Paris, though City officials insist they were unwilling to go anywhere near those figures and will now turn their attentions elsewhere.