The former Real Madrid GM spoke about his compatriot Leo Messi and his move to Paris Saint-Germain.
"There's the feeling that Barcelona just didn't have the money to pay Messi," Valdano told El Pais.
"An illusion was created, and because everything happened so fast it seemed like he'd been kicked out. In a game where identity is so important, getting rid of a legend like him isn't just painful, it's inexplicable.
"Him leaving also damages Real Madrid a lot, because teams are also measured in terms of their rivals. Simply put, Messi will go down as a footballing genius, but he won't just have belonged to Barcelona, which is quite sad."
Valdano then commented on Los Blancos' summer bid to sign Kylian Mbappe.
"He's got a season left [on his PSG contract]. He'll be a free agent and it'll be down to him, not the club," he said.
"We have to assume that if Madrid contact him that he'll at least respond."
Need a VPN? Or seeking to switch? Then support Tribal Football by clicking here to sign up with our official partners NordVPN. Not only will you receive the best VPN experience, but also great discounts by signing up via Tribal Football. Thanks for your support!