Real Madrid and Barcelona's offer to the other clubs in La Liga of greater TV revenue has been rejected.

According to reports from AP, representatives of every team in La Liga met earlier this week to try to iron out the devision of TV revenue, but Sevilla and Villarreal were strongly against the number's brought up.

League spokesman Juan Carlos Santamaria revealed that an agreement couldn't be reached but added that the clubs would meet again on October 22.

"The clubs let Real Madrid and Barcelona know they weren't happy and that although they recognized these two clubs were the best and raised the value of the Spanish league, the league was more than just two teams," said Santamaria.

"There's a strong willingness to reach an accord but this is complicated and there's a long way to go."

Currently the clubs in La Liga negotiate TV revenue individually, with bigwigs like Real Madrid and Barcelona getting the lion's share of the money.

However the current system is to end in 2014, and during the meeting it was proposed that Real and Barcelona receive 34% of the total TV revenue, with Atletico Madrid and Valencia gtting 11% and 55% for the rest of the 16 clubs.

Sevilla and Villarreal disagreed and counter-propsed dividing 40% of the TV money amongst all 20 clubs, and the remaining 60% according to the performances of each team, which could actually worsen the financial state of the minnows in La Liga further, but profit the mid-tier clubs.