River Plate have refused to sell striker Javier Saviola to FC Barcelona.
Cesar Traversone, one of the directors said today: "The decision has been taken. It was nine votes against eight."
New River Plate coach Ruben Diaz wants to keep the striker.
FC Barcelona have had a £16 million bid for the player lodged with the River board for the past month and the player himself has written to Diaz and the board to ask for the move to go through.
Diaz was confirmed as returning to the Buenos Aires club last week.
He led them to four titles and the Libertadores Cup in his first spell at the club which ended last year and replaces Americo Gallego who quit two weeks ago.
While River need the money according to vice-president Alfredo Davicce, the club needs to keep its fans happy as the board faces re-election next season and the loss of the £16 million-rated Saviola would not prove popular.
Barca have been tracking Saviola for nearly three years and had as a deadline for the completion of the transfer June 30th but progress stopped on any move for the Argentine as the club concentrated on the return of former coach Ruben Diaz and trying to calm several board room feuds.
"Unfortunately, the electoral year is making the decision more complicated and because of this the sale, as far as we're concerned, is a long way off," said Davicce earlier this month.
"Together with the president (David Pintado), we (the directors) are against the sale of Saviola because it's normal to try to do the impossible to keep a player with his characteristics."
"But we are obliged to listen to offers because we run the club."
River have debts of £20 million with Saviola currently playing for Argentina in the World Youth championship which the country is hosting. Barca are maintaining contact with River and the player over the recent problems.
Earlier this month Barcelona were backing away from claims that six top stars are to join them in the summer.
"Of course not all the 6 announced players will arrive at Barcelona, even if the decision has still to be taken. We want a team of 20 players and to count on the Youth team's ones," current coach Carlos Rexach said two weeks ago
Rexach has been confirmed as Barcelona coach for one more year after taking over in April from Llorenc Serra Ferrer and is now laying down the ambitious plans of some Barcelona executives.
Six top international stars were listed three weeks ago as having pre contracts with Barca.
FC Barcelona general manager Anton Parera named Fiorentina's star goalkeeper Francesco Toldo last month as having a pre contract agreement to move to the Camp Nou.
Toldo was named with five other players but Parera has run into trouble for his willingness to discuss Barcelona's transfer moves.
The Barcelona board want to move Parera away from transfer work after he named Toldo, Philippe Christanval, Juan Riquelme, Javier Saviola, Geovanni and Fabio Rochemback. The Catalan club fears that these players are too expensive unless they start to sell off top stars like Patrick Kluivert and that Barcelona will look bad if they cannot now seal the moves of these players after Parera's boasting.
But Christanval has signed along with Geovanni but Boca Juniors are fighting hard to keep Riquelme away from Barca.
The new transfer manager is to be Perez Farguell from next month after Parera clashed with Barca vice president Joan Castells over his boasting.
Barca have been in touch with the much cheaper Polish international Jerzy Dudek from Feyenoord who has also talked with Arsenal. His agent is former Dutch international Jan Peeters who is pushing Barca's interest in Dudek in preference to a move to Arsenal which stalled last month in a row over the transfer fee involved. Toldo's move failed to be financed as the Barcelona board reigned in Perera but the Italian international is trying to revive the transfer.
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