Valencia president Anil Murthy has explained Barcelona did not make a suitable offer for striker Rodrigo Moreno in January.
The two were involved in discussions for the Spain international in the final week of the January transfer window but talks came to an impasse.
The Spain international has been linked with a move to the Camp Nou in the final week of the January transfer window, with the Blaugrana hopeful of signing a replacement striker for the injured Luis Suarez.
Rodrigo has struggled for form this season with just two goals in 19 league appearances and had been strongly linked with a move to Atletico de Madrid last summer.
“For Rodrigo, Valencia did not receive a suitable offer that reflected the high quality of the player,” Murthy told an interview with website Batzine.
“Everyone in the market knows what Valencia were asking for. And if you can offer with real cash, then great. If you can't guarantee an exact kind of payment, then we can't go through with it.
“We'll not entertain offers which are not backed by money, because it also destabilises the player….In the end, if the offer is very good, then you have to accept because as a responsible club, before you buy you must sell.
“You've got to manage your finances. For Rodrigo, it's normal – last time was Atletico, now was Barca.”
There had been suggestions in the Spanish press that Barcelona would sign Bruno Fernandes from Sporting CP before loaning him to Valencia to facilitate the transfer of Rodrigo.
However, Fernandes eventually signed for Manchester United instead and no business was conducted between the clubs.