Report: Valencia rejects Madrid's bid for Villa

Valencia has reportedly rejected a euro47 million (US$69.5 million) offer from Real Madrid for Spain striker David Villa.

Valencia officials met Monday to discuss Madrid's offer, which several board members were willing to accept, the Web site of sports daily Marca said.

Madrid's bid could have been an attempt to test the resolve of Valencia's new president Vicente Soriano, who said on taking charge that neither Villa nor teammate David Silva would be sold. Silva recently signed a new five-year contract.

Valencia needs funds to finance the club's move to a new stadium.

Juan Villalonga _ who was hired as Valencia's financial consultant and then fired two weeks later _ estimated the club's debt at euro739 million (US$1,091 million) a month ago. Villalonga is the former chief executive of Spanish telecommunications giant Telefonica.

If Villa joined Madrid, it would likely hasten the departure of Madrid forward Robinho to Chelsea.

Robinho pleaded with the Spanish champions last Friday to sell him to the London club before the European transfer window closes at the end of the month.

However, Madrid president Ramon Calderon said the Brazilian would have to pay a large sum to break his contract, which has two years to run.

While Robinho's buy-out fee is set at euro150 million (US$220 million), Calderon is said to be willing to accept around euro50 million (US$73.9 million), a sum which would fund the club's reported bid for Villa.

Villa was the top scorer in the European Championship in June with four goals and helped Spain to win the tournament.

The 27-year-old player, who has spent three years at Valencia, played at Madrid's Santiago Bernabeu Stadium on Sunday in his team's 4-2 defeat in the Spanish Supercup second leg. Madrid won 6-5 on aggregate.