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I'm not sure they did wait that long by wcnitz
One of the City reporters recently said Bayern started reaching out to City back in May. Who knows what's actually happened, because half the reports are an offer was never made and the other half say Bayern has been trying all summer.
The money doesn't even really matter, and both Bayern and City know it. City probably has a bit more pressure money wise (because of FFP nagging) but Bayern's numbers are public and everybody knows they're sitting on a mountain of cash.