That clause was initially set at EUR25m, then it rose to EUR30m in August.

Arsenal couldn't make a move before the clause went up because they were waiting on Aaron Ramsdale's sale, but from what they'd been told, there was no need to hurry.

Fabrizio Romano reports that Arsenal made two bids for Garcia on deadline day, with the second worth EUR20m plus add-ons.

Yet The Athletic report that once talks opened, it quickly became clear that Espanyol would only sell for the full release clause.

Arsenal couldn't get them to budge on that.

Joan Garcia playing for Espanyol (Photo via Garcia on Instagram) That's a significant valuation gap.

It's worth mentioning that the problem wasn't just the EUR10m difference between Arsenal's EUR20m bid and the EUR30m clause, it's also the manner of the payment.

'Release clauses' in Spain are actually buy-out clauses, and they require the buying club to provide the entire fee upfront.

For comparison, reports on Mikel Merino's move to Arsenal suggested the Gunners had accepted paying slightly more for the transfer to get Real Sociedad to agree to receiving the fee in four instalments.

That's how important the payment terms are.

But whilst Arsenal will be splitting up Merino's PS31.

6m fee (PS27.

4m plus add-ons) into four parts, they would have had to pay PS25.

2m in one go to sign Garcia.

Mikel Merino at the Arsenal training centre (Photo via Arsenal.

co.

uk) Ultimately, Arsenal decided they were better off signing Neto from Bournemouth on loan.

Romano reports that they'll keep Garcia on their shortlist, but evidently it may take some negotiation.

.