Brazilian side Corinthians said yesterday they had admitted defeat in their attempt to sign Carlos Tevez from Manchester City.

City manager Roberto Mancini had said on Monday that the English Premier League club had agreed to a deal but the Brazilians contradicted him and then said that time had run out with the transfer window in Brazil for players coming in from abroad closing last night.

The Brazilian side’s initial offer for the 27-year-old striker was reportedly worth €40 million but there has been much debate between the two clubs on how the fee would be structured.

In a statement on their website, Corinthians said the deal was off.

“There is no more sufficient time for the transfer to go through,” the statement said.

However, the club added that “we hope to be able to count on Tevez in the near future”.

Folha de Sao Paulo newspaper said the clubs had not been able to agree all the financial loose ends nor on a length of contract for the player who left the club for West Ham in England in 2006 a year after helping Corinthians to the league title.

Amid the proposals and counter-proposals, Corinthians president Andres Sanchez had said Monday his board would assess Manchester City’s offer carefully but the board has clearly decided that there are too many sticking points to clinch a deal in the time available.