Stewart Donald says Sunderland will make lots of signings this summer - and had hit back at claims they can't compete with clubs for players.
Reports in Scotland claimed the Black Cats had made a £200,000 bid for Ross County full-back Jason Naismith, only for the player to sign for League One rivals Peterborough United last night.
Sunderland are yet to sign a player this summer, but new owner Donald says they are in the middle of negotiations with a number of targets.
And he says they weren't beaten to the signing of Naismith because they didn't want him - and that there will be incomings at the Stadium of Light 'soon enough'.
Replying to fan questions on Twitter about the lack of transfer activity, Donald said: "Yes we have lots of signings to make and we will.
"We can’t be beaten to a signing of a player we don’t want to sign. We have plenty of targets and we haven’t lost any yet.
"I am sure we can compete with the teams we need to for signatures.
"We have lots of targets. I know people want signings and see players being missed but we are on it and we can compete if we want a player!
"Jack Ross has his targets and we are working on those. I am sure we will see some activity soon enough!
"We are not delaying, we are negotiating with our targets. There is a lot of work to do in and out. It will all begin soon enough."
New head of recruitment Tony Coton said yesterday that Sunderland may have to sell before they can buy, but the Black Cats ave so far been unable to shift any of their big-earners out of the club, though the contracts for released quartet John O'Shea, Billy Jones, Kazenga LuaLua and Marc Wilson expire on June 30.
Coton was quoted in the Chronicle saying: “I think we need to get a few out of the door first.
“You’re not going to laden yourself with more expense with no promise of anything moving out but we’ve had enquiries for almost all our players.”