Atletico Madrid Turn Down Real Madrid's Enormous €150 Million Offer for Julian Alvarez

Real Madrid stated that Atletico Madrid turned down the offer, citing the Argentine's release clause of 500 million euros.

“Real Madrid CF announces that, after today's board of directors meeting, it has submitted an offer of 150 million euros to Club Atletico de Madrid for the federative rights of player Julian Alvarez,” the club stated on its official website.

“After examining and assessing the offer, Atletico de Madrid has expressed gratitude to the club for the proposal, extended within the context of the positive relationship between the two clubs, and has declined it, citing the player's release clause.”

This announcement comes one day after Florentino Perez won Real Madrid's first contested presidential election in twenty years, securing another four-year term.

Before Sunday's vote, Perez had stated he would spend 150 million euros on an unnamed player to be disclosed on Tuesday, a sum that would set a new club record.

Alvarez netted 20 goals in 49 matches for Atletico last season, as they ended the campaign in fourth place in the table.