Tottenham's talks over hiring Antonio Conte broke down because chairman Daniel Levy rejected his ‘unrealistic' and ‘potentially damaging' financial demands.
Levy pulled out of talks after the former Inter, Juventus and Chelsea boss demanded – on top of a £15million-a-year salary – a staggering £100m transfer budget, according to The Sun.
The Italian wanted assurances the north London club are serious about eventually challenging for major silverware, which for him would involve spending big.
Levy is keenly aware of the huge £1bn cost of Tottenham's new stadium that must be repaid.
Also, Levy hopes to hire a coach who can also make the most of academy players and get the best out of existing talent.
‘Daniel wants us to be successful more than anyone but not at the expense of the club itself,' the source added.
‘He knows any new manager is going to need money to improve the squad and he is certain to provide them with that. But there has to be a balance and it cannot leave the club in a perilous situation.'
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The end of the Conte affair is a severe blow to Levy in his attempt to find a new manager.
This article was most recently revised and updated 2 years ago