Town chief executive Derek Bowden has confirmed that the £12 million available for Jim Magilton to spend on players won't all be used during the January transfer window. The cash went into the club's account yesterday after Monday's EGM confirmed Marcus Evans's takeover.
Bowden told the club site: "It won't all be spent in the January transfer window.
"We will spend carefully. If we can find the right targets at the right price, then we will make a move, but it's not a sprint.
"We have an opportunity to invest in the January transfer window, but we have another opportunity to invest again in perhaps a different way in the summer when the market is different.
"The ambition is clear though - to build on the squad we have and get this football club back in the Premiership."
Boss Jim Magilton says he is yet to make any formal offers for players: "A number of players have been linked with us and I expect the speculation to increase over the next few weeks.
"I have no problem with that at all as long as I get in the players I want at the end of the day.
"No concrete moves have been made yet in bringing in newcomers, but I have identified those who can raise the bar for us.
"We are now in a better position to attract the players with the pedigree and quality we want, but I am not going to overspend and I am not going to enter silly markets. I am not going to make silly bids.”
The Town manager confirmed that Plymouth's David Norris is someone he rates: "David is a good player. But as I said we will be linked with players and no concrete moves have been made.”
Magilton says he is yet to make any decisions on trialists Damian Gorawski, Kenneth Kronholm, Jonas Portin and Charlie Barnett. The Town boss will decide whether any of the quartet will be offered contracts after the holiday period.
Meanwhile, Wigan have again been linked with Jon Walters. The striker will be well-known to Steve Bruce as he has been at a number of Town games this season and as the 24-year-old played in the same Blackburn youth side as his son Alex.
Yesterday, Newcastle were claimed to be ready to spend £1 million on the former Chester man in January, while £2 million is claimed to be the figure the Latics are apparently willing to pay. Newcastle boss Sam Allardyce moved quickly to deny that he was interested in the frontman or midfielder, who played under him at Bolton.
Elsewhere, Brighton have reiterated that they are keen to sign Town's Matt Richards on loan again when his current spell ends on Friday. The Seagulls will seek to re-sign the 23-year-old when the transfer window reopens.
Legendary Town striker Paul Mariner has been interviewed for the head coach's job at MLS side the Chicago Fire. Mariner is currently assistant to former Liverpool man Steve Nichol at the New England Revolution.
Another ex-Blues striker Darryl Knights has ended his loan spell at Cambridge United and has rejoined Yeovil Town.