Overall, here's what I think happened based on all of the updates/info over the past two weeks:
- Initially, a bunch of clubs expressed their interest on Enzo Fernández to Jorge Mendes.
- United looked the most keen out of all clubs.
- None of the interest was over a deal during the winter.
- My guess: Jorge Mendes was representing Benfica and looking for potential Enzo buyers.
- Chelsea then submitted their first formal offer (€85m) to commence talks with Benfica.
- Enzo was keen on joining Chelsea after his camp held talks with Chelsea.
- The deal then became contingent on Chelsea and Benfica coming to an agreement.
- Chelsea were open to two options:
- Pay less than the release clause but pay a large amount up front.
- Pay more than the release with less of it up front.
- Benfica didn't outright reject the 2nd option hence the encouraging reports by various reliable journalists.
- Don't be surprised if Jorge Mendes was pushing Benfica to accept that 2nd option even if it didn't have as much up front.
- Eventually, Benfica came back and demanded more up front on the 2nd option hence the continuing negotiations.
- Chelsea decided not to pay more up front, which is why this deal is now collapsing.