BLACKBURN Rovers today moved to clear up confusion surrounding the financial restructuring of the club which was rubber-stamped at yesterday's AGM.

Shareholders gave their seal of approval to a motion which will see £80 million of loans converted into shares.

But some national newspapers today inaccurately interpreted that to mean the club have received a new £80 million cash windfall from the late Jack Walker.

"It's not new money, it's a conversion," said chief executive, John Williams.

"But what it does is strengthen our balance sheet so all our assets are now in equity."

During his 10 years at the helm of Rovers, Mr Walker financed the club with a series of loans, which were technically repayable at any time.

But now they have been converted into shares -- effectively wiping out the debt -- which puts the club on a firmer financial footing.

"This significantly strengthens the club balance sheet and proves beyond any doubt that Jack Walker was in for the long term," said chairman Robert Coar.

At the meeting, Coar also underlined the club's desire for a Premiership return remains as strong as ever -- irrespective of whether Rovers achieve promotion this season or not.

And, though he said the club have adopted a high risk policy this season in an attempt to get back into the Premier League, he stressed a failure to achieve that goal would not lead to a major scaling down next season.

"We are running a loss situation," said Coar.

"The income in Division One relative to the Premier League is horrific.

"But it is our intention to get back into the Premier League this season.

"And if we don't get back then we'll still be making a fist to get back next season."

Coar also stressed the current wage bill was a matter of prime concern and Rovers will continue to try and trim the squad by selling some of their fringe players.

And that situation could soon be eased with Keith Gillespie's agent currently rumoured to be in talks with a couple of unnamed foreign clubs.