Tottenham's Move to Land Joao Moutinho Reportedly Falls Through

Joao Moutinho is heading to Tottenham. The London club and FC Porto have agreed on a deal that will bring the Portuguese midfielder to White Hart Lane for a club record £22 million, according to Goal.com.

UPDATE: Friday, Aug. 31 at 8 p.m. ET by Alex Hall

Greg Stobart of Goal.com is reporting that despite Tottenham's £22 million bid for Moutinho, the team and FC Porto were unable to reach an agreement before the transfer window closed on Aug. 31.

The Daily Mail is reporting the same news regarding the English club and the Portuguese midfielder. The Mail stated that it's possible a third-party investor that controls 15 percent of Moutinho's economic rights was the reason for the deal failing to be completed before the deadline.

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UPDATE: Friday, Aug. 31 at 5:55 p.m. EDT by Tyler Conway

In a shocking twist of developments, it looks like Moutinho's transfer to Tottenham has hit a snag and is dead, according to Fox Soccer's Twitter feed:

"

REPORT: Joao Moutinho deal to Spurs dead according to Portuguese media.

— FOX Soccer (@FOXSoccer) August 31, 2012"

For Tottenham, this is a massive disappointment. While Andre Villas-Boas had previously mentioned the difficulties surrounding Moutinho's contract, it seemed like the London club had locked in the 25-year-old star. Spurs, a normally thrifty club, seemed to be on the precipice of making a move usually reserved for the Manchester Uniteds of the world. 

It now remains to be seen whether the current roster has enough talent to overcome this blow with the transfer window coming to a close at midnight. 

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Porto wavered at the deadline and let go of arguably their biggest asset for considerably less than the expected rate, which was around £30 million.

James Olley of the London Evening Standard broke the news moments ago via Twitter:

"

Tottenham have agreed a fee with Porto in the region of £20m for Joao Moutinho. Personal terms to be discussed now. #thfc

— James Olley (@JamesOlley) August 31, 2012"

The deal should come as little surprise. Many, including Pedro Pinto of CNN, expected it to come down to the wire, but ultimately be sealed before the end of transfer-deadline day.

However, as recently as a few hours ago, Spurs manager Andre Villas-Boas claimed (via The Independent) it was impossible for Tottenham to land Moutinho due to a hefty release clause in his contract.

"It’s an impossible deal for the club," he said. "This volume of money is out of Tottenham's possibility."

Porto has moved a big financial chip at the right time, while Spurs have taken an expensive gamble. If Moutinho can play lights-out for a few seasons, it may end up being worthwhile in the long run. However, only time will tell the tale in that regard.

It’s all a matter of perspective.

Did Spurs make the right move or did they panic at the deadline?

You tell us.