Real Madrid announced they have had a €150m (£129m) bid for Atletico Madrid forward Julian Alvarez rejected.
Florentino Perez promised that the club would attempt to sign a €150m player if he was re-elected as club president.
Perez was announced as the winner in the early hours of Monday morning, and in a statement released on the club's website, they revealed that the attempt had fallen short.
The statement said: "Real Madrid C. F. announces that, following the meeting of the Board of Directors held today, it has made an offer of 150 million euros to Club Atletico de Madrid for the federative rights of the player Julian Alvarez.
"After reviewing and evaluating the offer, Club Atletico de Madrid has expressed its gratitude for the proposal, made within the framework of the good relations between both clubs, and has rejected it, referring to the player's release clause."
Alvarez is also believed to be a top target for Barcelona, who are looking to add to their attacking ranks following the signing of Anthony Gordon.
Atletico have accused Barcelona of running a smear campaign amid reports of a potential bid for the Argentine.