Real Madrid have had a €150 million offer for Atletico Madrid forward Julian Alvarez turned down, the Spanish club confirmed on their official website following a board of directors meeting.

The move comes after club president Florentino Perez, re-elected in the early hours of Monday morning, had pledged publicly to pursue a player worth €150 million if he retained his position at the helm of the club.

The offer and Atletico's response

In a statement, Real Madrid confirmed the formal nature of the bid: