Sunderland were strongly linked with a move for the now Peterborough United right-back.
Stewart Donald insists that Sunderland were not beaten to the signing of Jason Naismith by Peterborough United.
Peterborough announced the right-back's arrival on Tuesday, despite claims from their owner Darragh MacAnthony of late interest from a 'massive EFL club'.
It comes just days after the Sun on Sunday reported Sunderland were 'stepping up a bid' for Naismith, who played under the new Mackems manager Jack Ross at St Mirren.
But replying to concerned fans on Twitter, Donald stressed that Sunderland have yet to miss out on any of their transfer targets.
The Black Cats owner wrote:
Both Ross and Tony Coton, Sunderland's new head of recruitment, have suggested the relegated side must sell before they can buy this summer.
But Donald also moved to allay fans' fears, and promised transfer activity 'soon enough'.
A number of Sunderland players are said to be attracting interest, with midfielder Paddy McNair linked with a £7 million move to Brighton and Hove Albion.