Real Madrid’s 150 million euros bid for Alvarez rejected

Real Madrid's 150 million euros ($173.25 million) bid for Atletico Madrid forward Julian Alvarez was rejected, the club said on Tuesday.

Real said Atletico rejected the offer based on the Argentine's 500 million euros release clause.

“Real Madrid CF announces that, following today’s Board of Directors meeting, it has made an offer of 150 million euros to Club Atletico de Madrid for the federative rights of the player Julian Alvarez,” the club said on its official website.

“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.”

The announcement comes a day after Florentino Perez won Real Madrid's first contested presidential election in two decades, securing another four-year term.

In the build-up to Sunday's vote, Perez promised to hire Benfica manager Jose Mourinho, said he would go after an unnamed player to be revealed on Tuesday, and spend 150 million euros on him, a fee that would represent a club record.

Alvarez scored 20 goals in 49 appearances for Atletico last season as they finished fourth in the table.

He also said defenders Ibrahima Konate and Denzel Dumfries would be his first signings if elected.

The 79-year-old Spanish construction magnate called the election on May 12, two years before his mandate expired, after failing to win silverware in two straight seasons.

Real are the 15-times European champions and their arch-rivals, Barcelona, have retained their LaLiga title this season.