One source with connections to both Chelsea and Monaco said the clubs had "played with fire and got burned".

Indeed, the late-night transfer drama that involved Folarin Balogun, Everton, Monaco, Lamine Camara and Chelsea saw all parties lose out.

Camara – a 22-year-old Senegalese international midfielder – had been a target for Chelsea as they prepared for the £125m sale of Enzo Fernandez to Manchester City.

But Monaco were adamant he was going nowhere for the fee Chelsea were willing to pay.

"I've been speaking to them for the last 10 days," said Monaco sporting director Thiago Scuro said.

"At around 16:00 BST yesterday we got contact from Chelsea. The answer was the same: no."

Instead, the Ligue 1 club had allowed United States international striker Balogun, 25, to fly to Merseyside to complete a £40m move to Everton. According to Monaco, Camara had agreed to stay with the club.

With three hours remaining of the transfer window, Chelsea were content with their midfield options, despite the sale of Fernandez, after failing with enquiries for Camara and Roma's Manu Kone.

But issues with Balogun's Everton medical saw the door open again for Chelsea at the £47m price point Chelsea had previously offered. Negotiations were back underway with Monaco at 20:00 BST.

Meanwhile, Everton failed to find alternatives to Balogun and revived their move with minutes before the deadline.

Chelsea had completed all the necessary paperwork for Camara and did not need to submit a deal sheet – a request to the Premier League for additional time to complete a transfer, post the deadline.

But the plug was pulled. Monaco acknowledge Camara was disappointed after he had spoken to manager Xabi Alonso, passed a medical and signed a contract until 2033.

"What happened was that around 22:00 BST our time, maybe a bit earlier, Everton realised there was no issue and decided they were ready to sign the contract [for Balogun]," Scuro told reporters on Wednesday afternoon.

"As soon as we received that information, we came back to Chelsea and said there was no deal. Because that's also fair. It's part of the game."

Chelsea were left furious, claiming Monaco informed them in writing that the deal would not proceed rather than communicating the decision by phone.

Monaco thought – by signing a deal sheet, five minutes before the 23:00 BST deadline, to allow Everton extra time to complete the transfer of Balogun – they had secured the sale they needed to help comply with Uefa's financial regulations.

The Ligue 1 side were under pressure to generate 150m euros in player sales this summer, and had raised 106m euros from departures.

Another twist was still to come.

In the early hours of Tuesday morning, the former Arsenal striker had a change of heart which saw him leave Everton's Finch Farm training ground without signing for the club.

Scuro claims Balogun felt he was mistreated while at Everton's training ground, something the Premier League club disputes.

"We had to respect his decision," Scuro added.

"We found solutions, challenged the medical assessment and worked through the issues.

"I don't want to create a war with Chelsea or Everton.

"My role is to protect Monaco and act in the club's best interests. That's what I've done since I arrived.

"It's not about being loved by people outside the club. It's about doing what Monaco needs."

Scuro says it is possible Monaco will look at selling other players to countries whose transfer window remains open in order to acquire the funds they need.

He is open to welcoming back both players and says he expects Camara to be back with "full power" for their upcoming match away at Paris St-Germain on Friday night.

"I really understand because a player can get excited by conversations with a coach and by everything a club like Chelsea can offer," Scuro continued.

"This is not the end of the world. It's one opportunity. For a player with his level of talent, I'm very confident he will soon have even better options and offers than the one he had yesterday."

According to sources close to Camara, Liverpool also retain a long-standing interest in a future deal.

Chelsea had been considering Camara as an option to replace Fernandez for the final 10 days of the window.

Of course, the Londoners could have forced a deal through sooner but it might have meant overpaying because, as sources had previously explained, Monaco saw Camara as not for sale throughout the majority of the window – barring those few hours on Tuesday evening – but for "exceptional" offers.

Chelsea were blindsided by the collapse of the deal and there was little they could have done to revive it or sign an alternative before the deadline.

They did, however, have the option of cancelling Fernandez's move to Manchester City but opted not to do so out of a sense of "professionalism".

Chelsea wanted a midfielder to replace Fernandez but there was never any desperation as the club only wanted to do so on its own terms.

Alonso sees captain Reece James primarily as a midfield option, alongside Moises Caicedo, Romeo Lavia and new signings Jordan Henderson and Valentin Barco within his 27-man squad.

Yet injuries to Caicedo and Henderson, coupled with James' workload, meant full-back Malo Gusto was used in midfield during the 4-3 victory over Brighton, a match in which Chelsea recorded 25.6% possession, their lowest figure since records began in 2003-04.

Alonso could have selected Barco, 21, who came on as a second-half substitute, but the club want to carefully manage the signing from Strasbourg as he returns to the Premier League after a short-lived spell at Brighton.

There remains debate over whether Chelsea have sufficient depth and quality in midfield, with the club retaining the option of revisiting a move for Camara or another midfielder in January.

They could also look to strengthen other positions having been left delighted at making a net profit in the transfer market while adding quality.

Chelsea signed World Cup winner Emiliano Martinez, France international Maxence Lacroix and club-record £117m signing Morgan Rogers, as well as experienced striker Danny Welbeck and full-backs Pep Chavarria and Marco Palestra.

It's now on the manager and squad they have built to attempt to match Chelsea's ambitions on the pitch, starting with Sunday's trip to champions Arsenal.

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