Maurice Lindsay has outlined the three-year plan to restructure Preston finances and establish the club as a force in the Championship again.
It’s eight weeks since he was appointed chairman at Deepdale by Trevor Hemmings and he’s been busy in that time attempting to put North End on a firmer footing financially.
Lindsay admits that will be a long-term project rather than an overnight quick-fix.
The wage bill is slowly coming down following the departure of a number of high earners from the squad.
And a more realistic approach is being taken to the amounts of money spent on new players.
In an exclusive interview with the Evening Post, Lindsay said: “I found a difficult situation when I came in but I’m determined to succeed.
“The aim is to run the place properly, stop it going bust - it did come close to that - and to make us successful on the football pitch.
“Trevor Hemmings and myself aren’t just here to balance the books, success on the pitch is so important.
“We have a three-year plan in place.
“Darren Ferguson knows we need to be more prudent with our spending, more realistic, and we’re working closely together.
“Hopefully our judgement together will be better than those before.
“This season has to be about consolidation and stability.
“The finances were in such a mess that without the efforts of Trevor and myself, we would be in the same position as Crystal Palace were or Portsmouth are.
“That has to be put right, it’s not up for discussion.
“By the end of this season we will have hopefully brought more young players through the ranks and completed more sensible signings.
“Next season we want to draft in a couple of new signings of an even higher standard than we have had this time.
“In the third year we want to be totally happy that the side we put out on the pitch can take on anyone at this level.
“Everyone needs to know that there is a determination from the front office, as I call it, to develop the playing side of things.
“When you have a problem, which we do with the money situation, the first thing to do is admit you have a problem.
“Once you do that you can start dealing with it and we’re doing that.”
The Deepdale wage bill is one area which has been under close scrutiny in recent weeks.
It’s still not at the level Lindsay wants it but there has been a reduction.
He said: “We’re chipping away at it.
“The wage bill was close to £10m, we’ve got it down to £8.8m but it needs to come down to £6.5m.
“Darren has been working with me to bring in sensible signings, we both have good contacts in the game.
“The 25-player registration rule means a lot of Premier League players won’t be included in squads, so clubs will have players available.
“Not all will be suitable for us, that’s Darren’s call.
“But we’ve already done it with Joshua King who will be a terrific addition.
“Hopefully our form in the league will improve, we’ve been unlucky with injuries in that Wayne Brown and Sean St Ledger haven’t played yet, while Darel Russell is still getting himself into shape.”