The decision was announced Wednesday after team president Anil Murthy returned to Spain after meeting Singaporean owner Peter Lim.
“Valencia has to stick to its philosophy of promoting its academy players and giving them the opportunity to compete at the highest levels. These young players represent our values,” Murthy said. “They are one of the pillars of a club that must balance ambitious goals with a longterm sustainable model that is our identity.”
Marcelino’s firing came amid reports he had been at odds with team owners over planning for the season.
Murthy said Celades has the “experience working with young players” and “shares Valencia’s philosophy.”
“It is a demanding challenge because Valencia must remain ambitious and win every game, but it is also demanding in the long term because it’s our academy players, and a sustainable model, that will allow us to keep contending in the elite,” Murthy said.
The 43-year-old former midfielder played with Spain’s national team. He finished his career with the New York Red Bulls in 2009.
Valencia plays at Barcelona on Saturday, and at Chelsea on Tuesday in the Champions League group stage.
Valencia is currently 10th in the 20-team league after opening with a home draw against Real Sociedad, a loss at Celta Vigo and a home win against promoted Mallorca.
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