Everton manager Howard Kendall has rejected Sheffield Wednesday boss Ron Atkinson's offer for Gary Speed. Kendall, who has been told by chairman Peter Johnson there is no money for him to spend in his fight against relegation, turned down Atkinson's £6 million offer, which also included Jim Magilton after he had also rejected a bid from Newcastle.

"We had an offer from Kenny Dalglish at Newcastle by fax, which included a player, but I have rejected that. Then I had a call from Ron Atkinson and he made a verbal offer that also included a player, but I turned that down too," Kendall said.

"I have always said that no-one will leave this club unless it is of benefit to the club," he added.

Dalglish, who is keen to link Speed up with fellow former Leeds teammate David Batty with whom he won the championship in 1992, had improved his earlier offer of £4.5 million to £5 million, plus defender Darren Peacock.

Kendall, who in his first spell turned Everton from relegation candidates into a two-time championship winning side (1985/87) and brought them their first ever European trophy the 1985 Cup Winners Cup, knows he must sell to generate cash for transfer moves, but appreciates that supporters will not be happy if Everton's best players are sold.

Speed is unlikely to have recovered from injuries in time to play in Sunday's FA Cup tie with Newcastle.

This, effectively, would mean that Speed is not cup tied, which would have handicapped any transfer activity.