Salary Issues in League 1

Can anyone give a simple summary of the salary limits and possibilities in League ? How much money can be spent? What does Sunderland's current payroll look like compared to other league teams? I know the new owner cannot just spend whatever he wants, but it seems like the club should be able to gain some advantage by having a really rich owner. What are the possibilities?

Are you making a FanPost? Well that's fantastic, just keep it tasteful.