Valencia reportedly was cash-strapped after the purchase of Alvaro Negredo from Manchester City this summer. Nicolas Otamendi's sale means the La Liga club will be able to pay (or have waived) the close to £24 million owed to the Blues on the Negredo deal.
Depending on the amount Manchester City ultimately are paying for Otamendi, the deal could be completed for as little as about £8-10 million, a fantastic piece of business for the Blues who have hijacked a potential deal from Manchester United. The Red Devils have been forced to start the campaign with Daley Blind playing in central defense, and while the Louis van Gaal's side has conceded just one goal in three competitive matches, Blind playing in central defense is not ideal. Thus signing, Otamandi was a priority for Manchester United.
Chelsea has mastered the sport of hijacking signings destined for title rivals and it is good to see Manchester City becoming creative enough in the transfer market to do the same to Manchester United. This is especially true considering the Red Devils biggest positional need is in central defense.
Since Eliaquim Mangala will not be going in the other direction to Valencia, Otamendi is not assured of a starting role. Additionally, last season City's best central defender was Martin Demichelis who has made two cameo appearances in a holding midfield role late in games thus far this season.
While Otamendi is a big catch, it simply could be payback for Negredo deal reliving some of Valencia's financial strain in addition to keeping a player from Manchester United. Even if those are the motivations, it is a good piece of business for the Blues.