Coventry City chief executive Steve Waggott says keeping Tony Mowbray as manager will be key to reversing the club's "decade of decline".
Mowbray, 51, agreed to take the job only until the end of the season when he was appointed in February.
But, having kept Coventry in League One, the club want him to carry on.
"His main job was survival and he's done that, and his management of players has been outstanding," Waggott told BBC Coventry & Warwickshire.
"We've had long discussions with Tony Mowbray over a range of things, and he's very focused in what he wants.
"We want the best possible players for the budget we've got. We're already between sixth and eighth in this division in terms of what we've spent on the playing squad. But it's how you use the cash that counts.
"How he wants to distribute the money will be his call. He's very keen on recruitment and scouting, something we've not done well in the last few years.
"If you don't get the right players, the product is inferior, the fans don't turn up and you're into that ever decreasing circle."
|Coventry's decade of decline|
|2005 - Left Highfield Road for the Ricoh Arena, four years after being relegated from the Premier League. In their first four seasons back in the second tier, they finished 11th, 20th, 12th and 19th.|
|2006 - Finished eighth in their first season at the Ricoh, after which they once again became a bottom-half team, finishing 17th, 21st (they stayed up by just a point, sending Leicester City down instead), 17th, 19th and 18th.|
|2012 - Relegated to League One after finishing 23rd under Andy Thorn, since when they have had three more managers (Mark Robins, Steven Pressley and now Tony Mowbray), spent 14 months in exile at Northampton and finished 15th, 18th (each time under a 10-point penalty) and now 17th.|
Although City scored two late goals at Crawley on Sunday to avoid a return to the bottom tier of the Football League for the first time since 1958, Waggott apologised to the club's fans.
Resisting calls for his resignation, he said: "At the moment I've got the reins and I'm doing my utmost to get this turned round.
"Since leaving Highfield Road, it's been a decade of decline. It's not good enough for a club like Coventry, I'm the first to admit.
"It hurts me as much as it hurts the fans and I want to put it right. We hope we have learned lessons from where it went wrong last season."
Meanwhile, the club have announced that season-ticket prices have been reduced for next season.
Supporters who buy before the end of June will only have to pay £249, which is the equivalent of less than £11 per match.
A club statement said the price was also "more than 25% cheaper" than the last full season at the Ricoh Arena in 2012-13.
Coventry City chief executive Steve Waggott was talking to BBC Coventry & Warwickshire's Shane O'Connor.