David Moyes admitted he would have reconsidered becoming manager of Sunderland he he known of their financial issues.
Moyes will not be able to improve the club during the January transfer window as they attempt to avoid relegation.
"Sunderland always had an appeal to me, but if I had known about the situation I would have needed to look at it in a different way," said Moyes, whose Sunderland are four points adrift of safety ahead of Saturday's game against Watford.
"I would have had to think a lot more about it, because at the end of the day I want to manage in the Premier League.
"I did not know the club could be going up for sale, I was not made aware of that before. I didn't see us having no money [in January]. Even in the summer I knew what we were spending was small in comparison — and I said that to the owner.
"But I hoped it would be a short period and we would then have the next period [January] to get things done. That has shown itself not to be the case.
"I'm disappointed that I will not be able to do some work in January and try and build on what we've done."