Everton have come out with an official statement after Portuguese midfielder Manuel Fernandes went on to sign for La Liga outfit Valencia in a deal worth £12.2m.

The Toffees were expecting to sign the 21-year-old this summer on a permanent deal and after having done all the hard work on negotiations, they saw the Benfica man, who had spent the second half of last season on loan at Goodison Park, sign on six-year contract at the Mestella after having trained with the Toffees last week.

With the transfer market to shut on August 31, Everton have revealed that they are looking to add to their squad.

The Toffees statement on evertonfc.com read: “Everton Football Club feels it should clarify the situation with regards to Manuel Fernandes.

“We worked hard all last week on what was a very difficult and complex three-party agreement.

“Everton staff worked through the night on Thursday, finally reaching agreement with the English footballing authorities on Friday afternoon.

“A similar night's work on Friday left us satisfied that we had both addressed and agreed all issues with the other involved parties.

“However, on Saturday we were informed that another club had come in with a rival bid and despite sustained efforts over the remainder of the weekend the player today joined Valencia.

“David Moyes and his coaching staff are continuing to seek the extra addition to our squad, which they feel they require for this season.”