Valdano sets out summer spending plans

Real Madrid sports director Jorge Valdano revealed on Friday that Chelsea have made an offer for midfielder Geremi, but, Valdano said, "it was rejected because it wasn't economically fair".

Chelsea offered £5.8 million for the 22-year-old Cameroon international last week but the move floundered as Real held out for in excess of £7 million.

In a meeting with Valdano, Geremi also spoke of interest from Juventus. Valdano appears ready to let the player go but said that "both teams must contact the club first" over any deal.

Although Zinedine Zidane remains the focus of Valdano's attention, he is also hopeful of signing Deportivo La Coruna defender Manuel Pablo and Sporting Lisbon centre back Beto.

The £10 million-rated Beto is under contract with Sporting until 2005, and has been targeted by Madrid throughout this season, but Valdano said the club would need to sell before authorising the purchase.

"We have a 15 day period in which to decide whether we sign him or not," Valdano said. "The club needs to sell some of the 40 players who are in the squad right now."

"The main point in selling players is to be able to buy more and the new ones will be stars, not promises for the future," he added.

Deportivo president Lendoiro, meanwhile, hopes to hold onto Manuel Pablo but admitted that it may be difficult to convince him to stay.

"If there's any interest, they must talk to us first then reach an agreement about his buy-out clause or pay it all," Lendoiro said. "If they are not willing to do so, I ask them not to bother the player. It's unlikely that Manuel Pablo will leave Deportivo but, obviously, not impossible."

Valdano is also seeking to sell Cameroon striker Samuel Eto'o, who is on loan at Mallorca, but any possible deal has been complicated by Eto'o's decision to, in the words, of Valdano "to sell his playing rights to a private enterprise for 2003 although his contract with Real does not expire until 2005."

"Real Madrid is interested in selling him and there are already offers, but the club must study them," Valdano added.

"If there is no an agreement, he will have to return to Real Madrid - and we are ready to take him to court."