Valencia President Manuel Llorente has admitted that the club are officially broke following months of financial turmoil.

Speculation was mounting that Los Che would engage in a January spending spree with out-of-favour Tottenham striker Roman Pavlyuchenko being linked with a €18 million switch to the Mestalla.

However, club President Manuel Llorente has blown any chance of such spending out of the water by revealing that no big money signings will be possible for at least another four seasons.

"We cannot recruit players for €18-20 million euros for the next three or four years," he told respected Spanish sports daily AS.

"We still believe that it is better for our project to retain key players, which is why we have sold almost no one at the end of last season," he added.

The news, coupled with the fact that Los Che are €550 million in debt, is sure to send the vultures circling with the sale of the likes of David Villa, David Silva and highly-rated youngster Juan Mata now increasingly likely.

As ExtraFootie revealed recently Chelsea have already moved for star striker David Villa, whilst Manchester United and Liverpool are on stand-by for a possible swoop for Silva and Mata respectively.

"Our goal is now to consolidate the accounts, to be realistic and, above all, to not lose any more money," Llorente stressed.