David Albelda believes that Valencia had to sell star duo David Villa and David Silva in order to 'survive'.
Los Che finished third in Spain's top flight last season to secure a return to the lucrative UEFA Champions League.
But they have draining debts, cuing the big-money sales of attacking pair Villa and Silva this summer.
Villa has joined Barcelona for a fee in the region of £33.5million while Silva has transferred to Manchester City for a reported £27.7million
"It's a shame they have left because they are two great players, but the club had to sell them to survive," Albelda told AS.
Nevertheless, Albelda, who has made over 300 appearances for Valencia, believes the club can cope without the two attacking talents.
"I have lived similar situations (at the club) and we have come through them," he continued.
"The president has to look for solutions to past mistakes and make unpopular decisions, but I think people understand that selling is one of the few ways of solving these problems."