Albelda was part of two La Liga-winning Valencia squads, before the club had to endure the embarrassment of relegation. The Spaniard stayed loyal to Valencia throughout their troubles, and his experience has been integral in their top flight revival.
However, he has expressed his disappointment at the team's fall from grace, stating that the club have a long way to before they can catch up to former title rivals Barcelona and Real Madrid.
"It really hurts that we can not really compete right now. We had the best team in Spain and had closed the gap with Barcelona and Real Madrid." Albelda shared with El Mundo Deportivo.
The experienced midfielder singled out former club president Juan Soler and previous head coach Ronald Koeman as causative factors for the team's plunge.
"However, then president Juan Soler destroyed everything that we had achieved. He fired Quique Sanchez Flores when we were only four points off the pace." he said.
"The club then appointed Koeman and we were nearly relegated."
Albelda believes it would take a tremendous effort for the club to return its former glory, as their financial troubles continue to prevent them from keeping their influential playing staff.
"The club is still recovering from that period. We are doing an extraordinary job now if you bear in mind that we constantly have to sell our best players." the Spaniard stated.
Valencia travel to Athletic Bilbao for their La Liga clash this weekend.