ARGYLE chairman Paul Stapleton has spoken about the delicate nature of balancing the Pilgrims' books, whilst, at the same time, supporting manager Paul Sturrock for the challenges of the Championship.

"Since Ian Holloway came to the club and persuaded the Board to back his judgment and buy Sylvan Ebanks-Blake, there has been considerable movement of players into and out of Home Park, involving substantial funds," said Paul.

"However, a popular misconception exists that, because the amount of money that we have received from transfers exceeds the total we have spent, there is a war-chest waiting to be opened.

"Since Sylvan and Barry Hayles were signed in the summer of 2006, we have spent £3.8m on players - a figure which includes agents' fees - with a further £650,000 being paid out at trigger-points during contracts, e.g. reaching a certain number of appearances.

"Receipts for players that we have sold have totaled £6.4m. Taking out payments to former clubs, players themselves, agents' commission, we have actually received £5.8m.

"Incidentally, this is not all received at the time of the transfer.

"We cannot take the transfer money in isolation. That is far too simple.

"As it happens, the difference between the two figures just about covered our loss for last year, when gates dropped for the fourth year running and wages were the highest ever.

"Some of the increase in wages was a consequence of our transfer income, as we were able to replace the four players who left in January with eight others - four permanent signings and four loan players.

"Two of the players to come in were Scottish internationals - Premiership players with Premiership wages - and, in one case, a loan fee was payable.

"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.

"It is a fact of life that we have to balance the books, whilst, at the same time supporting the manager to compete in a very good and challenging league.

"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.

"I will finish with an extract from Preston Chairman Derek Shaw's summary of his club's accounts last year:

" 'Cash-flow continues to be tight as the club carries a squad where wages, together with operating costs, far outweighs its turnover. The resulting operating losses are balanced to varying degrees by player sales.'

"We have not moaned about the situation and we do fully appreciate the support of our fans and understand their ambitions for the team we love.

"We have got on with the job of ensuring we compete in the Championship.

"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."

Rick Cowdery