Preston chairman Derek Shaw conceded the club had made some mistakes after they were hit by a winding-up petition.
The Championship outfit owe £400,000 to Her Majesty's Revenue and Customs while their shares have been suspended from the Alternative Investment Market. North End had issued a statement on Monday saying that the board is "actively looking for a solution to the winding up petition".
Shaw, who is confident the club will soon settle their debt to the taxman, told the Lancashire Evening Post: "We are the first to admit we have done things which haven't worked."
He added: "We've signed players who haven't been a success, although we have brought players in who have been successful. But when we get it wrong, understandably it's expensive.
"Even when you bring in a player on a free transfer, you are spending large sums of money in terms of wages and signing-on fees."
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