Chelsea Owner Abramovich Concedes Defeat In Kaka Race - Report

Chelsea's pursuit of AC Milan attacker Kaka has been halted due to the incredible sums that would have been required to seal a deal, together with the upper hand believed to be held by Real Madrid in any potential transfer, according to fresh reports from The Independent today.

Club owner Roman Abramovich, criticised last year for allegedly falling out of love for the club and reportedly refusing to make further investments, is believed to have been put off by the £73.5 million label that has been bandied about, and has now conceded defeat in the race to snap up the former FIFA World Player of the Year.

The reported mega-money offer yesterday, that would have smashed the previous world record set by Zinedine Zidane in 2001, was later quashed when the Blues issued a statement denying a second offer - for the fee reported - had been placed.

Neither Abramovich, nor Chelsea chief executive Peter Kenyon, are going to continue pursuing Kaka, who is currently in his homeland - Brazil - helping ready his nation for two imminent World Cup qualifiers; against Uruguay in Montevideo, and then versus Paraguay at Recife.

Real Madrid are now the sole contender for Kaka's signature but, like the protracted transfer saga during the winter window with Manchester City, the decision - according to Milan chief Silvio Berlusconi - remains with the player himself.