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

Valencia officials met yesterday to discuss Madrid's offer, which several board members were willing to accept, the website 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.

Financial consultant

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 US$1 billion 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 buyout fee is set at US$220 million, Calderon is said to be willing to accept around 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.