Chelsea and Manchester City are on alert after Valencia admitted they may have to sell striker David Villa, reports The Sun. The Spanish side are deep in dept and owe a total of around £400million.
Valencia chief executive Javier Gomez said: "The club is in a very delicate situation.
"It has to control spending, grow income and sell assets."
Gomez did not rule out player sales.
He added: "Obviously we will consider that type of action.
"We have to control costs and the biggest cost in a football club is maintaining a team."
Valencia have been forced to delay payments to their players and construction work on the new stadium has also stopped.
Gomez revealed: "Before, we had a plan that was based purely on selling the land, now we need to seek alternatives.
"We need to win back credibility with the financial institutions."