Ipswich Town's managing director Ian Milne has insisted that the money received from the sale of Tyrone Mings to Bournemouth will be reinvested back into the team.
It is believed that the Suffolk outfit pocketed £8m for the left-back, as well as Brett Pitman on a permanent contract and midfielder Ryan Fraser on a season-long loan deal from the newly-promoted Premier League side.
With promotion Ipswich's main priority next term, Milne has revealed that manager Mick McCarthy will be provided with the necessary funds to mount another challenge, having fallen short in the playoffs during 2014-15.
"We received a substantial amount of money for Tyrone and having spoken to Marcus (Evans, owner), we both realise that it's important we reinvest that money back into the team," he told the club's official website.
"Tyrone goes with our best wishes and I'm sure he will do well in the Premier League. Hopefully next season we can join him there.
"To do that we realise we need to give Mick as much backing and support as we can and that is why we will continue to invest in the first-team squad and the Mings sale will substantially help in building that investment."
The Tractor Boys begin pre-season training tomorrow morning.
