Arsenal offer for Lloris was rejected

According to Olympique Lyon president, Arsenal offer of £15 million was rejected, for their goalkeeper Hugo Lloris. Last season Lyon did not finish in the top 3 which meant that they will not take part in the Champions League, and so some of their starts must have to leave, to reduce some costs. However after a few days ago Lyon president said that Lloris could be sold, he warned Arsene Wenger, that either Arsenal must be prepared to pay his true value, or else they must go away and find someone else. He also said that the players that did not perform well last season will also be placed on the transfer list. He said that the value of Lloris is £20 million, and if that money is given then he can go.