"A number of players over the last five years were not acquired because the price was too high," he told Setanta.
"It just didn't come to the attention of people like yourselves. It's not the first time someone has paid a price we were not willing to pay. It's just a fact of life.
"If you're looking at a transfer target, we have decided at board level, and from Roman Abramovich as well as the money comes from him for transfers, we have to decide what an appropriate price is. In that situation, we have a price and someone else will have to pay more than that."