Co-chairman John Banaszkiewicz intends for Burnley to be quick off the mark with their summer transfer business.
The club are eager to use most of the Premier League windfall on adding to the squad which secured promotion in fine style.
Contracts are also high on the agenda, with moves afoot to tie down manager Sean Dyche, 26-goal striker Danny Ings and Kieran Trippier to improved terms, with the trio all due to enter the final year of their deals.
Banaszkiewicz said: “We want to spend most of the money on players and the facilities at Gawthorpe so we have future generations of players to come.
“We had a private meeting with Sean on Wednesday, and we want to be quick off the mark,
“We’re already targeting players and getting our act together.”
As regards contracts, he added: “Sean has a contract with us, he’s been part of our success. There are also players we want to try and keep in the squad, so we’ll do our best.
“It’s a huge leap in finances for the club, but we want to stay competitive.
“The objective is 17th place and we have to set our stall out like we did this season.
“We would be happy to stay in the league, and use some of the money, primarily on the team and players, but also on the infrastructure and some projects so we can build for the future.
“We won’t rebuild the Cricket Field Stand or knock down the Bob Lord Stand, these are massive, intensive projects, we’d rather do some cosmetic changes.”
Dyche was Banaszkiewicz and Mike Garlick’s first managerial appointment, and Banaszkiewicz is delighted with the board’s decision: “He ticked all the boxes, he had a skill set on and off the pitch.
“He was very technical and really understood the football business from his coaching and different playing experiences.
“You could see he had a hunger, he was a motivator, and he got the most out of the players.
“I think the club needed a kick up the backside, because we were letting in a lot of goals, and he recognised our weaknesses.
“What an achievement. We were written off at the beginning of the season, and to do what we’ve done is great.”