Vice President: Valencia survival a miracle
Valencia, who have debts of more than 500 million euros, were bailed out by the regional government when they agreed to guarantee a loan of 74 million euros in August.
Gomez said the club needed to find another 44 million euros this season and did not rule out selling Spain internationals David Villa and David Silva.
"Valencia is in a very bad situation economically," he said in an interview with the sports daily As. "I wouldn't say ruined because there is a chance of getting through this situation.
"If I had thought three months ago Valencia would still be alive now, to me that's a miracle."
The lack of cash has forced the club to halt work on a new stadium and Gomez said cutting debt would now have to take priority.
"Our wish would be to start building work again tomorrow but until it's clear there is money to pay for construction of the new stadium without impacting the day-to-day running of the club there will no cash freed up," he said.
"Valencia cannot allow itself to revert to losing money and Valencia will not revert to losing money."