It’s time to go for it!

Cotterill has worked a minor miracle in guiding the Clarets to third position in the Championship this term, despite having one of the smallest squads in the league.

However, Payton fears Burnley's promotion dream could be shattered in the New Year, unless Cotterill is handed the funds he needs to strengthen the playing staff in the January window.

The former Celtic star said: "This is the time when the club really has to go for it.

"We may never have a better chance of getting promoted to the Premiership than we do this season, so if ever there was a time to speculate to accumulate then surely this is it.

"If the board of directors - or anyone else from outside the club for that matter - could come up with a few million quid to give to the manager then I'm sure he'd cement us a place in the play-offs, and possibly even better.

"The core of the squad is decent and we've got some proven, experienced players who have been brilliant this season.

"But so far, we've been lucky with injuries and suspensions and the real test will come once those start to kick in.

"That's why it's so important we get a fresh injection in January. A couple of new faces in key positions would give us an excellent chance of seeing the job through."

Aside from boosting the Clarets' promotion hopes, Payton also believes the January transfer window is crucial in terms of keeping hold of Cotterill.

The Burnley boss has made no secret of his desire to become a Premiership manager one day, and Payton hopes that will happen with the Clarets.

But he insists the club must start to match Cotterill's ambition, otherwise they run the risk of losing him to a rival club.

"Our manager has just won manager of the month and everyone seems to be after him at the moment because he's done a fantastic job here," said Payton.

"He's the right age, and he's got the right credentials, so I can see a situation where Manchester City, Newcastle, or even West Ham come calling.

"If a club like that came in then I'm sure he'd definitely go, and where would that leave Burnley? Back to square one.

"We therefore need to show a bit more ambition by backing him in the transfer market.

"Barry Kilby has never been afraid to stick his hand in his pocket before to keep the club on an even keel, but he can't keep doing it on his own. He needs more help.

"We need to find some fresh investment from somewhere, otherwise the excellent work of the last few months could go to waste."

Burnley reported losses of £2.1 million in their latest accounts, which were released last week, prompting chief executive Dave Edmundson to concede the club may have to investigate the option of actually selling a player in the January window, unless the Clarets draw a Manchester United in the FA Cup, or the board decides to pump more money into the coffers.

The club are also looking at ways of attracting new investment, which would then free up cash for possible new signings.

"We are looking to give Steve Cotterill more money to strengthen his squad, and that means looking for investment, possibly from outside the board," added Edmundson.

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