Burnley chairman Barry Kilby has hailed the "tremendous" job done so far by manager Steve Cotterill and his backroom team.
Kilby said: "Everyone knows about the change in policy when Steve came in as manager.
"The players we started to bring in have borne fruit and things are going well. The aim now is progression and trying to make that money work."
The statement added: "Last season our club improved by finishing 13th in the Championship, well clear of the relegation worries we had previously experienced.
"Together with the excellent runs in cup competitions this represented a tremendous achievement for Steve in his first season as manager.
"Operating with a much smaller squad than most of our competitors in the Championship, great credit must go to Steve and the players.
"We now look forward to further progression under the guidance of Steve and his staff this season."
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