Valencia president Layhoon Chan denies former coach Rino Gattuso left due transfer policy.

Gattuso had his contract mutually terminated on Monday after defeat to Real Valladolid.

Chan said, "The agreement we have reached has nothing to do with signing or not of players. He is a person very close to us. He is very direct, honest. On Monday he asked us for a meeting and told me that it has nothing to do with signings," Chan said at a press conference.

The president said that on Monday afternoon they spent four hours with him "talking, analyzing the situation and trying to persuade him" but noted that "he has a lot of personality, is direct and honest" and stated that they respect his decision.

Sporting director Miguel Angel Corona also said: "It was a matter of sensitivities and perceptions. At the moment, the drift that the team had taken and their perception of the possibility of changing the results. It's not throwing in the towel, it's a matter of feelings. It was very clear in the analysis to give him the return to the situation. It was a mutual agreement.

"There was harmony with the coach regarding the evaluation of the players. He has not conveyed discontent to us and he is direct and honest. The harmony was maintained until the end. The farewell was sad. We have shared a lot and laughed and suffered a lot until the end."