He revealed that the policy of selling fringe men like Charlie Adam in the summer was a financial necessity.
"Things had to be done," he said.
"I was always given the confidence from the owners that this was not going to be a quick fix but I am confident that we can make the squad capable of competing on all fronts.
"What we hope is to add to the group in the coming years and slowly make progress up the league.
"It is where the club has to be, we have to be challenging for the top four positions.
If you look at what the other clubs are spending, there is quite a bit of work to do."