ALAN Wright believes Blackburn Rovers are back in the financial position to allow them to challenge for Europe – but warns everything rests on spending their new found wealth wisely.

The former Rovers full back is excited by the new Venky’s era at Ewood Park but admits the jury is still out on what the future has in store until the cash is splashed this summer.

Wright was Kenny Dalglish’s first Rovers signing back during the Jack Walker revolution in the early 1990s and admits it is refreshing to see the club with money available to spend once again.

He believes it is not too far fetched to imagine Rovers back fighting for a Europa League spot this campaign but insists that will only happen if the right moves are made this summer.

He said: “The Premier League is a very open league, taking away the top five.

"Look at a team like Stoke and what they have achieved over the last 12 months, why can’t Rovers do that?

“It has been hard for the club over the last few years because they had no investment but now Venky’s look like they have changed all that.

"Rovers are now back on a level playing field, maybe even better, than many of their rivals.

“No-one should look too far ahead of themselves but I honestly believe a shot at a Europa League place or winning one of the cups isn’t an unrealistic target.

“Fulham and Stoke have reached Europe in recent seasons and Blackburn are definitely in a position to compete with these, depending on spending the money they have wisely of course.”

Wright, 39, saw Walker’s millions transform Rovers two decades ago but knows it is more difficult to make an impact in modern day football.

He believes Rovers expected transfer kitty, circa £30m, is enough to make significant improvements but has warned don’t expect the money to completely transform the club’s fortunes.

“Let’s say Steve Kean does have £30million to spend this summer,” he said.

“Don’t get me wrong, that is a lot of money for Blackburn Rovers when you look at their recent history.

“But in Premier League terms it is not a massive amount of money, is it?

"Look at what is being spent these days and that would probably only get you one really top class player.

"It might not even get you that.

“Rovers have a choice. They either go and blow their money on one big player or they buy three or four good players with it.

"I personally would go for the latter option. I guess it depends.

"If they have £30m now and £30m again in January then go and get a big name player.

"But if this is the kitty for a while then it is important to make sure you build your squad for the season.”