Huw Jenkins has defended Swansea City's spending during the close season, after the club's transfer policy drew criticism from local media.
The Swans' chairman told the club's website: "We have made seven additions to the squad from last season when you include the return of Nathan Dyer from his loan spell at Leicester City. And the manager is happy with the squad.
"The team has been in transition over the last year or two, with a number of players who have been the bedrock of our success, in first achieving and then maintaining our Premier League status, moving on for different reasons.
"That transition, which happens to all clubs and proved the downfall of many, has to be managed. The recent majority shareholder takeover will help us secure that future, which is one of the reasons they came on board.
"Our accounts are due out next month and it will highlight a significant loss for last season.
"That's why we always have to strike a balance to work financially within the budgets we have.
"That balance becomes even harder to achieve every year but it makes us more determined to find a way to remaining strong and competitive in the Premier League."