Everton have expressed their disappointment at losing out to Valencia for midfielder Manuel Fernandes.
Valencia have sealed an 18million euros (£12.2million) deal for Fernandes, who spent the second half of last season on loan at Goodison Park.
The Premier League club had set up a deal with his third-party owners to bring Fernandes back to Merseyside from Benfica.
But, having trained with the Everton squad last week, the Portugal Under 21 international has now opted to join Valencia.
Having been presented by the Spanish side, Everton have been left to outline the chain of events which led to the collapse of their own deal for Fernandes.
"Everton Football Club feels it should clarify the situation with regards to Manuel Fernandes," read a statement on the club's official website.
"We worked hard all last week on what was a very difficult and complex three-party agreement.
"Everton staff worked through the night on Thursday, finally reaching agreement with the English footballing authorities on Friday afternoon.
"A similar night's work on Friday left us satisfied that we had both addressed and agreed all issues with the other involved parties.
"However, on Saturday we were informed that another club had come in with a rival bid and despite sustained efforts over the remainder of the weekend the player today joined Valencia.
"David Moyes and his coaching staff are continuing to seek the extra addition to our squad, which they feel they require for this season."