"He understood very well the financial rigours placed upon his club, and reacted by developing a close relationship between them and first team.
"During his four year spell, 23 players were promoted from the youth set-up, the youngest being Paul Quaye, at just 16 years old.
"Not only did he develop players for Espanyol's own gains on the field, but off it too, as several were sold on for considerable profit.
"He would spend hours at Espanyol Sports Complex, going through videos and recording warm-ups to get insight on players.
"But he would also spend time with the young players, working with them just as he did with the first team, making them feel part of things."
Meanwhile, former Southampton star Walcott has signed a new long-term deal with Arsenal.
The England international had been linked with a move away from the club, but has put pen to paper following lengthy negotiations.
The 23-year-old told the club's official website: "I have made it clear from the start that I wanted to stay at Arsenal so I am pleased we have agreed a deal that everyone is happy with. What's important now is for the team to realise its potential and win trophies."