Aston Villa chairman Doug Ellis said he was well on the way to recovery as the club announced a dramatic cut in its annual losses.
Villa Park's highest attendances since 1977 helped the club reduce its shortfall by #8.2 million in the year to 31 May. It said it was now targeting European football next year after finishing a disappointing 10th in the Premier League last season.
Mr Ellis, who had heart surgery last month, said: "The past twelve months has been a mixture of highs and lows from a business and personal perspective.
"As I write this statement I am well on the way to recovery and look forward to my return.
"It is very pleasing to report that we have improved upon previous years? net results by some margin.
"The board remains firmly committed to supporting the manager in his quest to bring regular European football back to Villa Park by providing him with the maximum level of financial support within our overall resources."
The club spent #9.2 million on new players, and although would not be drawn on the funds available to manager David O'Leary, confirmed it was still in the market for a central defender and striker.
During the year, average league attendance increased by two per cent to 37,353, the highest since 1977, while merchandise sales rose by 3.2 per cent.
Despite this, Villa saw its turnover fall by #4.3 million to #51.6 million, partly triggered by a drop in merit money from #8.2 million to #5.4 million.
But the club reduced its wage bill by two per cent to #33.1 million, as well as halving the amortisation of players' registrations from #12.2 million to #6.5 million.
The performance meant the loss before tax was reduced by #8.2 million to #2.5 million, leaving net funds of #600,000 in the bank at the year end.
Non executive director Steve Kind said Mr Ellis was currently convalescing at home and was making good progress.
He added: "He will be back at work sooner rather than later, and although it is between him and his doctors, it won't be too far away from the start of the new season."
Mr Kind denied that Villa had been a rudderless ship during the summer, with Mr Ellis's recovery and the decision by chief executive Bruce Langham to leave.
He said: "That is unfair. Steve Stride, the operations director, has stepped in and he is someone with tremendous experience and knowledge.
"He has been supported by the non executive directors who have had regular meetings." Mr Kind rejected claims the club had concentrated on good financial husbandry at the expense of chasing glory on the pitch.
"There is no lack of ambition at the club. In recent years we have made quite a large investment into the playing squad, but it did not always work out the way we wanted it to. Chelsea, Man Utd and Arsenal are in their own field and it unrealistic to compete with the top three.
"We have to be realistic in our ambitions, and we have a three-year business plan in place." Part of the plan involves developing two 11-acre sites close to Villa Park, with new plans due to be submitted shortly.
He said: "This will be submitted in the next three months. Money from this development will be not be put into one pot, and it won't harm the transfer budget."
But Mr Ellis would not be drawn on the approach by former Birmingham City defender Ray Ranson, who is still hoping to launch a #45 million takeover of the club. "At this time we have no further information that we can release," he said.
