The Premier League transfer market is in limbo waiting for big-hitters like Chelsea and Manchester City to begin their spending sprees, reckons Sunderland chief executive Steve Walton.
And until some of the big money starts moving around, Walton believes cash-strapped clubs are likely to keep their cheque books firmly closed.
Few deals have gone through so far this summer, and City boss Roberto Mancini indicated earlier this week that his mega-rich owners may not spend as lavishly as before when he insisted the club would not be held to ransom on fees.
Now Walton thinks supporters who are hungry for transfer news may be in for a long wait.
He said: "There is not a lot going on in the transfer market, and my personal view is that it will remain quite quiet.
"I think that Manchester City and Chelsea will do quite a lot, and what we really need for a good transfer market this summer is for some big money to be injected into the system to oil the wheels.
"Clubs are not awash with cash. It is difficult to borrow money in the wider world, and almost impossible in football.
"You are not going to your friendly bank asking for a few million pounds to buy a footballer now because it is just not happening.
"There is not much money in the system, and I don't believe there will be a huge amount of activity. We have already heard Sir Alex Ferguson say that he may bring in just one more player."
Man City are set to pay £10.5m for Hamburg and Germany defender Jerome Boateng after he revealed he had agreed a move to Eastlands.
Sunderland boss Steve Bruce has only added free transfer Cristian Riveros to his squad so far, and the Paraguay World Cup midfielder is expected to be joined by Belgium U21 keeper Simon Mignolet soon.
The Black Cats have shopped abroad, a policy that could spell problems for the rest of the Premier League, Walton warns.
"My fear is that the big money will go overseas," he said. "You really need some big domestic transfers to go through to help get things moving.
"When Chelsea first started spending big a few years ago they were largely buying in the UK on the likes of Joe Cole, Frank Lampard and Shaun Wright-Phillips.
"That funded a lot of Premier League transfer activity because the money filtered down, but that wouldn't happen this summer if the money goes abroad."
Sunderland's list of targets is considerably shorter than the number of players they are trying to get out of the club right now, and Walton added: "We don't feel we need to do a massive amount.
"I don't think we will see a huge amount of activity like we did last year, when Steve set about strengthening the whole spine of the team.
"Steve is happy he has got a good nucleus now and he is looking at two or three positions."
And until some of the big money starts moving around, Walton believes cash-strapped clubs are likely to keep their cheque books firmly closed.
Few deals have gone through so far this summer, and City boss Roberto Mancini indicated earlier this week that his mega-rich owners may not spend as lavishly as before when he insisted the club would not be held to ransom on fees.
Now Walton thinks supporters who are hungry for transfer news may be in for a long wait.
He said: "There is not a lot going on in the transfer market, and my personal view is that it will remain quite quiet.
"I think that Manchester City and Chelsea will do quite a lot, and what we really need for a good transfer market this summer is for some big money to be injected into the system to oil the wheels.
"Clubs are not awash with cash. It is difficult to borrow money in the wider world, and almost impossible in football.
"You are not going to your friendly bank asking for a few million pounds to buy a footballer now because it is just not happening.
"There is not much money in the system, and I don't believe there will be a huge amount of activity. We have already heard Sir Alex Ferguson say that he may bring in just one more player."
Man City are set to pay £10.5m for Hamburg and Germany defender Jerome Boateng after he revealed he had agreed a move to Eastlands.
Sunderland boss Steve Bruce has only added free transfer Cristian Riveros to his squad so far, and the Paraguay World Cup midfielder is expected to be joined by Belgium U21 keeper Simon Mignolet soon.
The Black Cats have shopped abroad, a policy that could spell problems for the rest of the Premier League, Walton warns.
"My fear is that the big money will go overseas," he said. "You really need some big domestic transfers to go through to help get things moving.
"When Chelsea first started spending big a few years ago they were largely buying in the UK on the likes of Joe Cole, Frank Lampard and Shaun Wright-Phillips.
"That funded a lot of Premier League transfer activity because the money filtered down, but that wouldn't happen this summer if the money goes abroad."
Sunderland's list of targets is considerably shorter than the number of players they are trying to get out of the club right now, and Walton added: "We don't feel we need to do a massive amount.
"I don't think we will see a huge amount of activity like we did last year, when Steve set about strengthening the whole spine of the team.
"Steve is happy he has got a good nucleus now and he is looking at two or three positions."