Real Madrid got an official „no" from the other side of the city. Atlético Madrid rejected the offer of 150 million euros for Julián Álvarez and replied briefly: the Argentine forward has a release clause of 500 million - either you pay it, or there's nothing to discuss. Barcelona had previously received the same message, its opening offer of 100 million ending up in the same drawer.

Real's problem isn't only the price - the problem is the promise. During the club's election campaign, Florentino Pérez promised „a Galáctico like Cristiano Ronaldo and Kaká" for 150 million euros. It sounds great in the stands in front of the membership. But the 2026 market isn't the 2009 market - for 150 million today you don't buy a dream, you buy a rejection.

The backup dreams don't look any closer. Michael Olise is a target, but Bayern Munich says the winger is not for sale. Vitinha is hard to move out of Paris. Arsenal and PSG are also interested in Álvarez, but neither has gone beyond interest. That leaves Enzo Fernández - Chelsea is open to a sale and the player is on Madrid's radar, except his name doesn't fill front pages like Olise, Álvarez or Vitinha. And a Galáctico who doesn't fill headlines is no Galáctico.

Meanwhile, Real isn't sitting on its hands. Ibrahima Konaté and Denzel Dumfries are already agreed as free agents, for left-back the list has Riccardo Calafiori from Arsenal and Joško Gvardiol from Manchester City, and a decision is awaited on activating the 9-million release clause for Nico Paz. A solid market program - just without the crown.

And here's the whole irony of the summer in Madrid: a president who promised a spectacle, and clubs that no longer sell a spectacle for that money. Who will give in first - Pérez with the checkbook, or the promise from the campaign?