SOUTHEND United chairman Ron Martin feels he is paying the price for putting too much money into the football club.

The Shrimpers have struggled on and off the pitch this season and remain under transfer embargo.

But, in a question and answer session published on the club's website, Martin admitted he was guilty of over-investing.

"Let me just take this back two years, because that’s where things have failed, my mistake is I probably put too much money into the football club without getting the anticipated rewards on the pitch," said Martin.

"To compete at any level where we want to succeed it is necessary to invest in the football club and that’s what I have done.

"That level of investment has been huge."

But Martin will cut down the budget when Blues are back in League Two next season.

"I shall temper it if we go into League Two and have a more manageable budget," said Martin.

"If we had a budget that washed its face in League One or League Two you probably wouldn’t compete and then fans would say “we were not successful”.

"Maybe, that’s justified, but what isn’t justified is the lack of success with a £3 million wage bill and eighth in the wage league.

"All these things are inextricably linked as to why we are failing on the pitch"

But Martin will carefully assess who will sign.

"I can be at fault for ultimately sanctioning certain transfers but when you’re backing the manager it’s quite difficult to say no if the persuasion is that the player will make a difference and therefore an investment on and off the pitch," said Martin.

"I wouldn’t be persuaded by the Echo or everyone saying “sign him, sign him, sign him”, if it’s too expensive I have to say no and historically that’s been the case and I will stand by that going forward also."

But Martin stressed the club was not in its worst ever position.

"The worst position the club was ever in, was when we bought it," said Martin.

"It was in intensive care under Vic Jobson’s chairmanship, it had debts galore, banking debt of £2.3 million.

"The overall debt was over £4.5 million, it was an horrendous position to be in, but we paid the debts off and the rest is history.

"The club has not had an overdraft since.

"The only debt is to my companies risk."