Palmeiras president Paulo Nobre, during the presentation of Jose Carlos Brunoro as the club's new executive director, announced on Thursday that the club will no longer be pursuing Juan Roman Riquelme.
The club cited a new ideology in management and the player's steep price as the reasons behind abandoning the chase for the Argentine veteran.
“Nobody doubts that Riquelme is a great player,” Nobre told a press conference. “But there is a lot happening internally at the moment, and the club is facing financial problems.
“Palmeiras do not have the funds for a player of Riquelme's fee. Additionally, we have had no physical examinations of the player and no contact, so we do not even know if he would have been motivated [to join us].
“The fans have been pushing for him to come, and we understand that. But leaders have to take responsibility. We are doing what we think is best for the club.”