Atletico Madrid rejects Real Madrid's €150M bid for Julian Alvarez

For Julian Alvarez, the star forward of Atlético Madrid, Real Madrid — its rival — made a €150 million bid.

However, in the latest statement, Atletico rejected the offer.

The team cited the Argentina player's €500 million release clause.

“Real Madrid CF announces that, following today’s Board of Directors meeting, it has offered 150 million euros to Club Atletico de Madrid for the federative rights of the player Julian Alvarez,” the statement read.

“After studying and evaluating it, Atletico de Madrid has thanked the club for the offer, made within the framework of the good relations existing between both clubs, and has rejected it, referring to the player’s release clause.”

In the last season, Alvarez netted 20 goals in 49 matches, where Atletico finished in fourth spot.

Meanwhile, at the Madrid camp, Florentino Perez won the presidential election and got another four-year term after becoming the president in 2000.

He beat Enrique Riquelme in the first contested presidential election of the club in two decades.

"This has been a great day for Real Madrid. We have won across the board, that is to say, across all age groups," Perez said in a victory speech.

"And we have achieved the second-best result in the history of Real Madrid elections."

Before the election, Perez teased the joining of a surprise player on the team. 

It is unclear whether he is referring to Alvarez, whose transfer bid Atletico turned down.