Sunderland chief executive Margaret Byrne admits the days of big transfer spending are over.

The club's accounts, released yesterday for the year ending July 2011, revealed a net operating loss of £31.2million.

The Black Cats, under the ownership of American billionaire Ellis Short, insist they will fall into line with UEFA's financial fair play rules.

Byrne said: "We must keep our wages structured and realistic. It means being tough with the players and being more creative with contracts."