Valencia president Manuel Llorente says big-money signings are off the table for at least "another three years".

Llorente has told shareholders the club's debts amount to €550 million, which will mean them not shopping at the top end of the transfer market for some time.

"We cannot recruit players for €18-20 million euros for the next three or four years," said Llorente, who, however, wanted to reassure members and supporters.

"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.

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