West Ham United co-chairman David Sullivan has revealed that he is holding a meeting next week in an effort to complete the biggest signing in the club's history.
The Hammers are building towards the future after confirming a deal to become tenants of the Olympic Stadium yesterday on a 99-year lease.
Sullivan has admitted that the Clarets need to invest more wisely in the transfer market and is desperate to add quality to his ranks this summer.
He told Sky Sports News: "We realise we have to buy better, spend more money. It's a gradual process. It'll take time to build the team. Hands on hearts it is very hard to compete with the likes of Chelsea and Manchester City, who have external benefactors.
"We put £32m in last year. As David Gold says though 'I have 150 shops not 150 oil wells'. I didn't earn £16m last year, so I am now spending my savings. For a club of our size we spend big money. If we spend £12-14m on a player this summer, in three years we may spend £30-40m. We have a number of targets but it's about spending wisely.
"Often you need a bit of luck. I'm seeing someone on Monday, funnily enough, that if it comes off will be the biggest signing in our history. We lack goals in the team, we have got to sign a top-class striker."
Sam Allardyce's side are currently 14th in the Premier League and six points clear of the relegation zone.
