Neymar snubs Chelsea, signs new Santos deal

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Brazilian highly-rated youngster Neymar has turned down a lucrative offer from English champions Chelsea and signed a new five-year contract at Santos.

According to Globoesporte, under the terms of the contract Santos will continue to pay the 18-year-old forward his previous salary of R$160,000 (€70,000) a month, with the remainder covered by private sponsors and investors as in the case of Robinho.

Neymar told a news conference: "I spoke with my dad a lot and I decided to stay.

"Money itself doesn't bring happiness. I am happy here at Santos and I want to continue being so."

Chelsea had reportedly made a final offer of €28 million, which fell just short of the release clause that the forward had in his contract. The new deal comes with a new €45 million release clause.

Santos president Luís Álvaro Ribeiro said: "Chelsea refused to pay the release clause. The fact we have kept this boy shows Brazilian clubs are no longer hostages to Europe."

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