La Liga says it has found no evidence that Cadiz defender Juan Cala racially abused Valencia’s Mouctar Diakhaby during Sunday’s match.
Defender Diakhaby reacted furiously after a first-half clash with Cala and spoke with the referee.
Valencia walked off the pitch in protest after the alleged racist comment was made.
They later returning to complete the match – without the substituted Diakhaby – which they lost 2-1.
In a statement, La Liga said: “After an analysis of all the elements, it was concluded that in none of the available media was found any proof that the player Juan Torres Ruiz [Juan Cala] insulted Mouctar Diakhaby using the alleged terms.
“All available audiovisual and digital files were analysed, including the images broadcast and spread on different social networks.
“To be able to complete the case, a specialised company was contracted to do lip-reading analysis of the conversations and study the behaviour of the players Juan Torres Ruiz and Mouctar Diakhaby.”
The league also reiterated its “condemnation of racism in all its forms”.
On Tuesday, Diakhaby posted a video on social media saying he was “very hurt” by what Cala said to him and wanted La Liga to punish the Cadiz man.
Cala held a virtual news conference later in the day, during which he denied racially abusing Diakhaby and said he had been caught in a “media circus”.
Valencia said the outcome of La Liga’s investigation had “by no means changed our opinion” on what happened.
“The fact that no proof has been found does not mean that the matter did not occur,” the club said.
“The club have by no means changed our opinion on what occurred in the game, and maintain our full support for Diakhaby.
“Having reached this point, it is necessary to continue working with La Liga, the institutions and the rest of the clubs to ensure that these types of racist incidents are never repeated.”
An investigation by the Spanish Football Federation (RFEF) is still ongoing.