In this March 1, 2020 photo, Espanyol's Argentinian forward Jonathan Calleri (second left) and Espanyol's Spanish midfielder Victor Sanchez celebrate Atletico Madrid's Montenegrin defender Stefan Savic's own goal during the Spanish League football match between Espanyol and Atletico Madrid at the Cornella-El Prat stadium in Cornella de Llobregat. (PAU BARRENA / AFP)

MADRID - Espanyol CEO Jose Maria Duran said on Tuesday that it was "obvious" that the squad had been below its best in a season which ended with relegation to the Spanish second division.

It is evident that we have not got all that we could have out of the squad. There have been players who have performed below their best.

Jose Maria Duran, CEO, Espanyol 

Espanyol ended last season qualifying for Europe, but the campaign that has just ended never got off the ground and the Barcelona-based club owned by Chen Yansheng was relegated to the second division for the first time since 1993 with just 25 points and five wins all season.

"It is evident that we have not got all that we could have out of the squad. There have been players who have performed below their best," said Duran, who added that the "only objective is to return to the elite."

Duran said the club would use the moment to "make changes and relaunch the project," but insisted that January signings Raul de Tomas and Leonardo Cabrera would not be loaned out to lower wage bills.

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"We have no intention of them leaving on loan. We have prepared the club financially, focusing resources on the first team. Much of the work has not been seen yet, but will be seen in the coming days," he commented, warning that money from TV rights and gate receipts would drop by half.

At the same press conference where Duran made his statement, the club's Sporting Director 'Rufete' confirmed that veteran players, Javi Lopez, Diego Lopez and Didac Villa had all signed new contract extensions and that the club was working to sign a coach for next season.

"If it was down to us, it would have been completed by now," commented Rufete.