Watford manager Malky Mackay thanked chairman Graham Taylor and his board for rejecting a deadline day bid for goalkeeper Scott Loach.
The England Under-21 regular was targeted by Tottenham boss Harry Redknapp.
After Watford turned down a loan deal with a view to a £3million permanent move, Mackay said: "I made my feelings clear about keeping Scott and I was not put under any pressure to sell him.
"So given the recent financial situation at this club that is credit to the board, but also credit to Scott, his family and his advisors.
"There was speculation and distractions around Scott but he realises the benefits of staying here and playing regular football. This is his first full season and he is improving every week.
"He's aware of what will come in the future but he understands he needs to stay here. His attitude is first-class."
