Values Spain’s players in report (7)
I believe the answer is:
esteems
'values' is the definition.
('esteem' can be a synonym of 'value')
'spain's players in report' is the wordplay.
'spain's' becomes 'e's' (abbreviation for Espana).
'players' becomes 'teams' (sports teams).
'in report' indicates a 'sounds like' (homophone) clue (ie reportedly, \'we hear\').
'teams' is a homophone of 'teems'.
'es'+'teems'='ESTEEMS'
(Other definitions for esteems that I've seen before include "Regards highly" , "Treasures" , "Values highly" , "Prizes or admires" .)