Lyon president Jean-Michel Aulas says the "financially strong" Ligue 1 club rejected an offer of €50m from West Ham for star striker Alexandre Lacazette.
A number of Premier League were reportedly interested in signing the 25-year-old French international, with the Hammers hoping to win that race.
But Aulas has now revealed that after selling a number of key players in the past, he is hoping to alter that culture and keep hold of their biggest assets.
He told SFR Sport's programme, 91st Minute: "The first I sold to Chelsea for €42m was Michael Essien.
"After that, we sold [Mahamadou] Diarra for €38m to Madrid. We sold Karim Benzema for €40-something million to Real Madrid.
"We refused an offer of €50m from West Ham for Lacazette — we've refused even more for Alexandre Lacazette this year.
"The objective I've set is to refuse offers because when you can refuse offers of €50m, €60m, or €70m that means you're very strong and that, financially, you don't need it.
"Why teams reach, at one moment or another, the highest level in Europe is because they can keep their players or buy players of the same quality.
"We hope that in the coming years we can not only refuse sales of this level but also buy really talented players."
Lacazette was excellent for Lyon last season as he scored 21 league goals, while this term he has already hit the back of the net six times.
There are some concerns surrounding his knee after coming off in the 4-2 loss at Dijon at the weekend, although Lacazette is only expected to be sidelined for up to 10 days.
A Lyon statement read: "Alexandre Lacazette had various radiological examinations which revealed no injury to his knee hit on Saturday in Dijon, or to the ligament or meniscus.
"The attacker will observe a few days off. A reassessment of the situation will be made next Monday; depending on the results Alexandre could resume training on Tuesday."