The former Portuguese international quit Pirates a fortnight ago, barely four months into an 18-month contract.
Boa Morte was thought to be one of the top earners in the league and Khoza revealed the two parties cut ties without financial compensation for the player.
"I'm happy that we saved money and the money we had budgeted for him can now be used to go into the market to strengthen the team," Khoza told Football411.com.
The 'Iron Duke' has in the same breath suggested Boa Morte failed to make the grade in Parktown.
"I was disappointed with the way things ended with Boa Morte, because I was hoping that he was going to make an impact," he admitted.
"Boa Morte felt he deserved to play, but the technical team saw things differently and that caused a bit of frustration on his side. So in the end he asked that he must be given his clearance to go back overseas and we accepted his request because we didn't want to frustrate him as he wanted game time," Khoza stated.
Khoza added that the report compiled by the technical team on Boa Morte based on the Reserve League games didn't make for good reading.
"I had to go by the report of the technical team and the report suggested that he was not at the level where we expected him to be so the report didn't encourage us to persuade him to stay," Khoza added.
Meanwhile, Bucs have apparently signed Patrick Phungwayo, Khethowakhe Masuku and Manti Moholo on pre-contracts, but the club has yet to provide official confirmation.