Valencia president Amadeo Salvo said La Liga's new budget regulations are the reason the club made a €27.9 million profit in the summer's transfer window, despite previous regular claims that incoming new owner Peter Lim was set to spend in excess of €50 million on new players.

As far back as last December, Lim and Salvo were talking about a big "war-chest" to spend on new players, but the biggest deals at Mestalla during the summer were actually sales -- with Jeremy Mathieu leaving for Barcelona for €20 million and Spain under-21 left-back Juan Bernat sold to Bayern Munich for €11 million.

Meanwhile players such as Alvaro Negredo, Rodrigo, Andre Gomes, Filipe Augusto and Joao Cancelo did arrive at Mestalla, although all these are loan deals and, with the exception of Negredo, were said to have been done in association with third-party investment fund Meriton and Portuguese super-agent Jorge Mendes.

"This is the squad that we have," Salvo said. "It was very difficult because Valencia must fulfil the '[financial] fair play' and had to work within these lines.

"Everything can be improved in life. All the departures were defended well. Valencia is, or was, in a situation where people could buy our players.

"The Spanish market is very difficult for Valencia. Time will tell if this has been the best thing. Mathieu's departure was the easiest of all. The balance has been positive."

Salvo said the club's summer transfer business meant Champions League qualification was the objective, although nothing was guaranteed.

"Logically we are working to look for the Champions League," he said. "But we are not in a moment to guarantee anything. We have the excitement of any supporter. This is the first year of this project. We are on the path."