MARK Hughes has admitted Blackburn Rovers need to attract 'major investment' if he is to fulfil his ambition of taking the club onto the next level.

Hughes has worked a minor miracle on a tight budget since succeeding Graeme Souness in the Ewood hot-seat 15 months ago, successfully transforming Rovers from relegation candidates to contenders for a European place.

However, the Welshman remains fiercely ambitious and he believes the club needs a significant cash injection if he is to succeed in taking Rovers forward over the next few years.

Speaking ahead of today's trip to Newcastle, Hughes said: "My ambition is to go as far as I can, and take Blackburn as far as possible.

"We have got some way to go and hopefully we will get there quickly.

"Then we will need major investment to go to the next level.

"The club will have to decide how far they want to go. Chase the best or stay where we are?"

The board continue to pull out all the stops in their bid to provide Hughes with every spare penny to spend in the transfer market.

However, the fact remains Rovers are now a completely different club to the big-spending days of Jack Walker and the board would welcome new investment should a Roman Abramovich-type figure emerge from the shadows.

Hughes has been able to spend just over £7 million on new players since he took charge - a significant amount for a club of Rovers' size but that's still relatively small beer compared to many of their big-city Premiership rivals.

At today's opponents Newcastle, for instance, Graeme Souness has spent nearly £50 million in the transfer market during the same period, which underlines what Rovers are up against.

As a result, Hughes knows he simply cannot afford to make mistakes in the transfer market because every penny he has at his disposal is absolutely vital to the cause.

"I can't make mistakes," admitted the Rovers boss.

"When you pay a significant amount of money for a player in my situation then you have to make sure it's the right one and he's going to be a success for you.

"There is a risk with everything but you back your judgement and try to bring in players who you think will improve your football club.

"There is an element of luck involved, but you have to make sure they are the right type of players that you need at that particular time.

"Then you hope they settle quickly and are able to have an impact for you."

Meanwhile, Hughes has hinted that he would like to manage abroad one day - and he has even admitted he may return to international management at some point later in his career.

"My ambition is to manage right at the top - that is how I manage," said the former Wales manager.

"I will do the best and how far I go I wait to find out.

"I don't rule out international management again, and I would like to manage abroad.

"Who knows, Spain?"