Gracia has penned a two-year contract at the club through to the summer of 2022, and will be the seventh permanent manager since owner Peter Lim took control of the club.
The exits of club captain Dani Parejo and Francis Coquelin to Villarreal from Los Che were also confirmed last month, following the exit of star winger Ferran Torres to Manchester City and striker Rodrigo Moreno has joined Leeds.
Furthermore, Cristiano Piccini has joined Atalanta on loan, Ezequiel Garay did not have his contract renewed and the loan deals for Jaume Costa and Alessandro Florenzi both expired.
Reports mean that the financial uncertainty means Los Che must slash their wage budget by a whopping 40 percent ahead of next season, with 12 first-team players at the club said to be up for sale this summer.
“I see the squad as the whole world sees it, weakened as a result of the exits that have taken place,” Gracia said, in quotes carried by Marca.
“There have been five important players who have left the squad and have weakened us. As of today, nobody has arrived . That is our situation. Those of us who are here know what we have to compete in. It is necessary to strengthen the team as soon as possible.
“There were circumstances of not being able to sign players. There was progress but I could not understand why players were not signed.
“During all this time we have worked in different areas of the club. I have tried to facilitate deals and I am a little disappointed with the outcome. Players are not coming. I hope we can strengthen the squad. There is time.
“I feel sadness because the potential this club has…well, we will not be able to meet it.
“There will be more players to leave, I am sure of it, but I have to hope that there will now be incomings.
“There are players with great potential. It would be better if they had some experienced player by their side and accept the responsibility they must assume, and that is what worries me the most.
“I had another meeting (with the club) today, but there was nothing new from the previous meetings, nothing has changed.”