Vicente Soriano has resigned as president of cash-strapped Valencia after admitting defeat in his bid to steady the club's finances.

Soriano took the job last July with the sole mission of trying to find a way out of the crippling debts that have hampered the club's ability to compete at the highest level of the Primera Division.

But he quit tonight with the problems as big as ever and the increasing likelihood that stars like David Villa and David Silva will have to be sold.

"I have come here to announce my irrevocable resignation as president of Valencia Football Club," Soriano said in a statement.

"Since the day I became president, I have been struggling to achieve economic and sporting viability for the club. Today, despite having an plan in progress, I have not fully succeeded."

Valencia have been hit hard by the economic downturn, which has thrown into chaos their bid to build a new 200 million euro 75,000 capacity stadium, which was supposed to be funded by the sale of land around the Mestalla stadium.

Those sales have not gone through, and in February the club temporarily halted payments to its players as the crisis bit.

Valencia could only manage sixth place in the table this season, missing out on crucial Champions League revenue.

Soriano's departure will only heighten speculation regarding the highly-coveted Villa and Silva as the depth of Valencia's problems become clear.