Madrid [Spain], June 10 (ANI): La Liga giants Real Madrid and coach Alvaro Arbeloa have mutually agreed to end his tenure as first-team coach, the club announced on Tuesday.

The Spanish giants expressed their gratitude to Arbeloa, highlighting his long-standing association with the club, which began during his time in the youth academy and continued through his playing and coaching career.

In an official statement, Real Madrid praised Arbeloa for consistently demonstrating 'loyalty, commitment and professionalism' throughout his journey at the club, adding that he embodies the core values of the organisation.

'Real Madrid CF and Alvaro Arbeloa have reached an agreement to end his time as first team coach. Real Madrid is deeply grateful to Alvaro Arbeloa, who, throughout his time at the club, from his time in our youth academy, has consistently demonstrated loyalty, commitment, and professionalism. He exemplifies the values of our club,' the statement said.

'Real Madrid, which will always be his home, wishes Alvaro Arbeloa and his entire family the best of luck in this new stage of their lives,' the statement concluded.

Earlier, the Spanish Giants announced that they made a 150 million euros bid for Atletico de Madrid for star forward Julian Alvarez, but the latter rejected their proposal.

In an official statement on Tuesday, Real Madrid confirmed that, following a Board of Directors meeting, the club had submitted a EUR150 million offer to Atletico Madrid for the federative rights of the Argentine footballer.

However, Atletico Madrid said it appreciated the offer but rejected it after reviewing the proposal, pointing instead to the player's release clause as the basis for its decision, said Real Madrid in their statement.

'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 Alvarezm,' reads the statement.

'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 Real Madrid statement reads further. (ANI)