PHIL Gartside has repeated his warning that Sam Allardyce will not have cash to splash on big money transfers this summer, even if Wanderers are still in the Premiership.

The Bolton chief says he has no option but to maintain his prudent fiscal policy but strenuously denies that the cautious approach displays a lack of ambition.

"We are still chasing a dream," says the supporter-turned-chairman. "As a fan it is beyond my wildest dreams that we have had two years in the Premiership and if we could have another and another it would be fantastic. That is our aim."

But he says he must continue to reject his manager's pleas for a transfer treasure chest.

"We all get frustrated by the debt and we are forever saying 'no' - and not just to Sam," he explained.

"But we have never lacked ambition - from building a new stadium to bringing world class players like Jay-Jay Okocha and Youri Djorkaeff to the club. The reality is that you sometimes can't afford to do what you really want to do."

The chairman was responding to the manager's frustration at the financial position following confirmation that Burnden Leisure, the club's parent company, is £40 million in debt, which includes £5 million borrowed against this year's television payout due in August.

Allardyce says Wanderers must splash out in the summer if they are to make an impression on the Premiership next season and in his frustration at last week's financial report, which showed an operating loss of £1m, he complained: "I'm doing my bit, I think it's time everybody else started doing theirs. We've got a hotel at one end of the stadium and an office block at the other. It's time they started making some money."

But Gartside, who said the extra £5m loan has gone on this season's survival bid, has told his manager to expect more of the same.

"He's going to have to budget similar to this year's," the chairman confirmed.

He also praised the efforts of all departments of the club adding: "The debt is a constant problem we have to battle with and that is why we are trying to boost our revenues across the whole business, whether it be from the hotel, which is generating cash, the new suite of offices or from commercial income.

"Everybody's doing a damn good job on that score, from the club shop and the bar in the hotel to selling the Golden Gamble tickets.

"And that's getting harder at a time when people are reluctant to spend their money."