Plymouth Argyle chairman Paul Stapleton has defended the club's transfer policy after a year when many of the club's top players have been sold.
The likes of Sylvan Ebanks-Blake, Peter Halmosi, David Norris and Dan Gosling have all left Home Park since January.
"We were able to replace the four players who left in January with eight others - four permanent signings and four loan players," said Stapleton.
"Some of the increase in wages was a consequence of our transfer income."
Argyle have spent £3.8 million on players since 2006 and have recouped £5.8 million, an amount which Stapleton says covers the club's losses.
"Last season gates dropped for the fourth year running and wages were the highest ever," he said.
"We have always been prepared to speculate, and we have been doing that again with the recent exciting signings"
"Of the four full signings, one was our record signing, so to hear people say that we 'didn't have a go' amazes me. The facts clearly suggest otherwise."
In January, Argyle spent a then club record £500,000 on Scottish striker Steve MacLean as well as bringing in Russell Anderson and Gary Teale to the club on loan.
And Stapleton says he is still happy to back manager Paul Sturrock in making signings as the recent acquisition of Belgian international Emile Mpenza shows.
"We have always been prepared to speculate, as we did with the signings in the early part of Ian Holloway's reign, and we have been doing that again with the recent exciting signings," he said.
606: DEBATEStapleton also announced that work to rebuild the South Stand at Home Park should begin in 2010.
The club is set to invite development partners to come and visit the site in the next fortnight with the projected costs of the project to be submitted by December.
"If we like what we see, we can put in for planning and, depending on how long that takes, it could be the end of the season when we will have the money and planning in place," he said.
The announcements come at the same time that the club unveils a foundation to help fund the club's youth academy.
The Argyle Foundation will be limited to 2,500 members and only open to season ticket holders.
It will have three tiers of membership, costing £117 per year, £9.75 per month or £2.25 per week with members having the chance to win prizes in regular draws.
"We have got on with the job of ensuring we compete in the Championship," said Stapleton.
"At the same time, we have not followed the paths of clubs who not so long ago were our main rivals, but who are now are struggling to survive."
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