Darragh MacAnthony has revealed he paid out over a million pounds in bonuses following Peterborough United's promotion from League One last season.

The next set of club accounts, which will cover the year up to the end of May 2009, are expected to reveal a loss of close to £2.5m, but chairman MacAnthony has pledged to continue backing Posh financially.

He insisted transfer cash is available to manager Darren Ferguson and he does not rule out the possibility of selling a star name in order to increase the transfer budget further.

MacAnthony also revealed that he opposes the signing of experienced players and believes the squad will soon charge up the Championship table. And he said Ferguson's job will be safe, even if Posh are relegated at the end of this season.

The bonus payments included contractual obligations to players and management as well as payments to Norwich City, Billericay Town and Fulham relating to the transfers of Joe Lewis, Chris Whelpdale and Gaby Zakuani respectively.

MacAnthony said: "People think there is a lot more money around now that we are in the Championship, but that is not the case.

"There is TV money, but ridiculously we don't receive any of it until November and then again in April. We don't pay massive wages at this club, yet I had to pay out over a million pound in bonuses last June after we were promoted.

"But the manager has money available for transfers and it's up to him if he wants to sell a player in order to raise funds for other signings.

"Burnley sold a striker for £4.2 million last season and spent £3 million of it on three or four players who helped the side win promotion to the Premier League.

"I happen to think we have the three best strikers in the Championship and it's the defending that needs sorting out, but they are all decisions for the manager.

"This is the first rough spell he's had in his managerial career and it's up to him and his staff to work through it. He knows he has my backing, but he also knows he is in a results business.

"If we were relegated at least Darren has experience of getting a side out of League One! But we are not going to be relegated.

"If we were losing badly and not trying very hard I would have a problem, but while the effort and endeavour is there and we are being unfortunate I don't have a problem.

"It's not a time for panicking."