Chairman Derek Shaw has revealed Preston North End will reinvest the money received from David Nugent's £7million move to Portsmouth.
The Lilywhites finally cashed in on the England striker on Wednesday following a drawn out transfer saga and Shaw intends to hand manager Paul Simpson funds to strengthen his squad.
"It's a sad day to lose David, he's had an amazing two-and-a-half years, real Roy of the Rovers stuff since we brought him from Bury," he told the club's official website.
"David has become a full international and we all know at this football club that it was the right time and the right thing to do to allow David to move on.
"We've got some sell-on clauses to sort out from the fee, but it's a good deal for the football club - people know that we have to sell every now and again to balance the books.
"David's now gone and it gives us the opportunity to bring in more players and continue what we have done for a number of years."