David Moyes has said Everton were right to let Jack Rodwell leave and insisted they were not forced to sell the midfielder to Manchester City.
The Toffees lost Mikel Arteta, Yakubu Ayegbeni and Jermaine Beckford at the end of last summer's transfer window when Barclays reduced their overdraft.
But Moyes had seen two of his big earners, Joseph Yobo and Tim Cahill, go this year before choosing to accept the £15 million City offer for Rodwell.
He said: "It was something which I thought was right for Jack, it was right for Everton. It was something I just felt gives us a chance, maybe, to do a little bit more business in the transfer market."
Moyes has signed Rangers forward Steven Naismith and brought his main transfer target, Steven Pienaar, back to Goodison Park from Tottenham. He is now looking to make two further additions.
Belgium striker Kevin Mirallis could be his next signing, while a direct replacement for Rodwell in the centre of midfield is also possible.
The manager added: "We'd already sold Joseph Yobo and Tim Cahill, so it wasn't a necessity [to sell Rodwell] this year, but I felt it was the right thing, and it will give us a little bit of a chance of looking around to see what we can do.
"I am happy with Steven Naismith and Steven Pienaar, and while you wouldn't expect me to talk about other players - it is wrong to talk about players at other clubs - we are out there actively trying to bring at least another couple of players to the club."