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SEVILLE, Spain (AP) — Sevilla President Jose Maria del Nido says the club has no need to sell players and has rejected an offer of €18 million ($23.7 million) for Spain striker Alvaro Negredo.

Del Nido says "unless an offer comes in well above the market value, we won't sell Negredo." Del Nido spoke Thursday during the presentation of Bosnia winger Miroslav Stevanovic, who signed with Sevilla for 4 1/2 seasons.

Like many clubs in recession-hit Spain, Sevilla has been forced to reduce its payroll during recent seasons. It is currently struggling in 14th place in the Spanish league. Negredo, who rumors had linked to a possible move to Chelsea, leads the team with eight goals in league play.