Hart has been given a two-year contract at Fratton Park
Portsmouth boss Paul Hart has warned supporters not to expect too much as Sulaiman Al Fahim's takeover of the club neared completion.
The property tycoon has been named Pompey chairman, but Hart does not expect a Manchester City-style spree.
"It's important everybody understands that we have to cut our cloth," Hart, who has been appointed on a permanent basis, told BBC Radio 5 Live.
"The days of £20m buys are over in the short-term, but maybe not longer-term."
Under Harry Redknapp's managerial reign, Portsmouth won the 2008 FA Cup and qualified for Europe as well as establishing themselves as a top 10 Premier League side.
Big-money signings like Peter Crouch, Jermain Defoe and Sulley Muntari helped Portsmouth on their journey, but the spending now looks to have been unsustainable.
Pompey recorded a loss of £16.66m for the 2007-08 season, despite winning the FA Cup, and were reported to be carrying significant amounts of debt.
Player wages accounted for an unhealthy proportion of turnover, while Fratton Park's relatively meagre 20,000 capacity is also a long-term problem.
Last season saw the club lose Redknapp to Tottenham, appoint and then fire Tony Adams as boss, before Hart came in to steady the ship and keep the club up.
Hart, who has seen England defender Glen Johnson leave for Liverpool for £17.5m over the course of the summer, says the club will have to spend more conservatively in the future.
"The way forward will be steady - building a structure that will leave a legacy for the club," he said.
"I don't think for one minute that it will be a 'hit-and-run' job (by the new chairman). It will be a steady and sensible build.
"The quality of player that we've had has been unbelievable for the last two to three years under Harry, (but) we have to cut our cloth accordingly and that's where the challenge will lie.
"My first target is for the club to stay in the Premier League and what we get after that is a bonus.
"Everybody - me, the staff, the players - are going to have to work very hard and be organised and resolute."
Hart said he had identified several transfer targets, with the start of the new Premier League season less than three weeks away.
"An awful lot of planning was done before the end of the season and now we're in a position where we can follow up on those plans and hopefully we'll reach fruition in the next few weeks," he said.
"We're all relieved - for the club, not for me - that this takeover has gone through and been accepted. Now we can start making plans and moving forward.
"I've met the chairman a couple of times: he's well up on his football, very eager and keen and like all of us, he's relieved that it's finally been approved."
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