Valencia have appointed Nuno Espirito Santo as coach, even though the sale of the club to businessman Peter Lim has yet to be finalised.
Lim's bid to buy the heavily indebted La Liga outfit was accepted in late May, but the deal has been put on hold as he reportedly hopes to change the terms that led the directors to choose his offer.
Valencia president Amadeo Salvo, who hopes to stay on should Lim take control, fired previous coach Juan Antonio Pizzi this week, appointing Nuno as Valencia's sixth manager in just over two seasons.
He told a news conference introducing Nuno that Lim played a part in the decision and had wanted the manager appointed as part of a "new project."
"The absolute responsibility for the decision is with the [current] board," he added. "[However], Lim considered that this was a new project and he had confidence in Nuno. Our decisions are not the only ones which count."
Nuno said he was fully behind Lim's ideas for the club, telling reporters: "Valencia would be much stronger and have a dream of fighting against Europe's biggest teams. Nobody should doubt that with Peter Lim everything will be much easier.
"I have spoken a lot with him over the last month and know his ideas. Next year, I am convinced we will be in the Champions League."
Nuno, a former Deportivo La Coruna goalkeeper, is represented by Portuguese agent Jorge Mendes, a close associate of Lim.
Other Mendes clients including Jackson Martinez, Enzo Perez, Rodrigo and Ezequiel Garay have been linked with Valencia, but the current situation means the club is unable to do transfer business.
The offer originally accepted by Valencia included a proposal by Lim to wipe out the club's debts and provide funding to finish the half-completed New Mestalla stadium and buy the current Mestalla ground.
However, El Larguero reported that Lim now wants the club's lender, Bankia, to write off a significant portion of the debts and will not guarantee to resolve the stadium situation.
Eva Turanzo, Maria Isabel Farinos and Juan Merce, three members of the foundation that controls the club, resigned this week in protest at recent events.