Bayern Munich president Herbert Hainer has explained why the club pulled out of a deal for Declan Rice this summer.

Arsenal's English midfielder #41 Declan Rice celebrates with Arsenal's Italian midfielder #20 Jorginho (R) after scoring their late second goal during the English Premier League football match between Arsenal and Manchester United at the Emirates Stadium in London on September 3, 2023. (Photo by GLYN KIRK/AFP via Getty Images)
Arsenal’s English midfielder #41 Declan Rice celebrates with Arsenal’s Italian midfielder #20 Jorginho (R) after scoring their late second goal during the English Premier League football match between Arsenal and Manchester United at the Emirates Stadium in London on September 3, 2023. (Photo by GLYN KIRK/AFP via Getty Images)

Arsenal signed Declan Rice from West Ham United in a big-money deal over the summer, but the midfielder easily could have gone elsewhere.

The Gunners had to fend off competition from Manchester City, Manchester United, and Chelsea, among others, and Bayern Munich were the primary overseas club chasing a deal.

In the end, Bayern pulled out and turned to other players, and club president Herbert Hainer has explained why.

“With the Declan Rice deal, given our financial possibilities, we had to set other priorities,” Hainer said. “What remains is the club. That’s why you have to make decisions in the interests of the club.”

For Arsenal fans, the whole situation turned out pretty well. Rice ended up playing for the Gunners, and Bayern used their money to sign Harry Kane from Tottenham Hotspur instead.

Arsenal's English midfielder Bukayo Saka (L) and Arsenal's English midfielder Declan Rice (R) pose with the trophy as Arsenal players celebrate winning the English FA Community Shield football match between Arsenal and Manchester City at Wembley Stadium, in London, August 6, 2023. Arsenal won after a 4-1 penalty shoot-out win, following the 1-1 draw in 90 minutes. (Photo by GLYN KIRK/AFP via Getty Images)
Arsenal’s English midfielder Bukayo Saka (L) and Arsenal’s English midfielder Declan Rice (R) pose with the trophy as Arsenal players celebrate winning the English FA Community Shield football match between Arsenal and Manchester City at Wembley Stadium, in London, August 6, 2023. (Photo by GLYN KIRK/AFP via Getty Images)

Chelsea had attempted to sign Rice in the January transfer window, and reports suggest the player was initially open to the move, but wasn’t sold by their pitch.

By contrast, Mikel Arteta gave Rice a lengthy hands-on presentation, making it clear to the 24-year-old he would be a staple of the team for several seasons if all goes to plan.

The former West Ham United man also worried that Graham Potter wouldn’t be the manager he’d end up playing under at Chelsea, and those fears were proven right as Potter was sacked.

LONDON, ENGLAND - SEPTEMBER 24: Declan Rice of Arsenal looks on during the Premier League match between Arsenal FC and Tottenham Hotspur at Emirates Stadium on September 24, 2023 in London, England. (Photo by Ryan Pierse/Getty Images)
LONDON, ENGLAND: Declan Rice of Arsenal looks on during the Premier League match between Arsenal FC and Tottenham Hotspur at Emirates Stadium on September 24, 2023. (Photo by Ryan Pierse/Getty Images)

Rice was won over by Arteta’s proposal, making the Gunners his priority as Chelsea and Bayern Munich faded out of contention.

The midfielder also spoke with Aaron Ramsdale, Bukayo Saka, and Ian Wright about the move. But nothing they said put him off ultimately joining Arsenal.