Milan Mandaric marked Portsmouth's promotion to the Premiership by pledging he wants to remain as chairman and bankroll both the club's transfer activity this summer and the building of a new stadium.

The Serb hinted earlier this year he could quit in the summer - but, after joining in scenes of jubilation at Fratton Park on Tuesday night, gave the strongest indication yet he will stay at the south coast club.

Mandaric's millions have given boss Harry Redknapp licence to continue his trademark wheeling and dealing in the transfer market.

And the chairman will make more cash available to recruit players and step up the building of a new home as Pompey prepare for life in the top flight.

"My excitement is delivering this kind of reward to people who deserve it - the faithful supporters," he told BBC Sport Online.

"It's great to be the chairman of a Premiership club but my goal has been to deliver the dream to the people of Portsmouth.

"I need a few weeks to sort things out back in America and hopefully - as far as I'm concerned - I do want to stay with the club.

"There are improvements to be made. I want to establish Portsmouth as a Premiership club and finish the stadium project.

"But our goal really is to stay in the Premiership and get the 40 points we need to stay up.

"With the team we have and with the addition of a few players, hopefully we will be able to do that.

"Now we have to win the championship. That is the next goal and we would like to put our hands on that trophy."

Former West Ham manager Redknapp is determined to make an impact in English football's elite once again.

His side beat Burnley 1-0 last night to clinch their promotion - but Redknapp admits he is expecting a rough ride back in the big time.

"If I think too much about next season I will be scared stiff," he told BBC Radio 5 Live.

"When you look at the quality of players West Ham have, it makes you realise what hard work we have ahead of us next year.

"West Ham have struggled this year, but that's what scares me."

Redknapp, who does not plan to raid Upton Park for any further signings, will be heartened by Mandaric's comments that he will fund a "few new players".

"I don't know if we will go into the market to spend too much money," Redknapp said.

"There will be plenty of bargains around and there will be a few lads around who would love the chance to play in the Premier League.

"There are one or two in the First Division that, given the chance, could do well in the Premier League.

"But the group of lads I have will be given every chance because they deserve it."

Redknapp also revealed just how hard Mandaric had to try to convince him to swap his director of football job - a role Redknapp admits he "hated" - for that of manager when Graham Rix was sacked in March last year.

"It took an awful lot of persuading to get back into management," he added. "I didn't know whether I wanted to get back into it after West Ham.

"But it has been a fantastic year and I have enjoyed every minute of it.

"We turned it round from top to bottom and brought in Jim Smith and Kevin Bond on the coaching side.

"And a new group of players have come in from the Second Division and Third Division and the Premier - people like Paul Merson, Tim Sherwood, Steve Stone and Gianluca Festa.

"Everyone has been great. It's all down to them."

Acclaim for Portsmouth's elevation to the elite even came from unlikeliest source today - the chairman of their arch-rivals Southampton.

Pompey have ended their 15-year exile from the top flight and will square up to the Saints next season for the first time in seven years.

The last meeting between the clubs was on January 7, 1996, when Southampton beat Portsmouth 3-0 in an FA Cup tie at The Dell.

Saints chief Rupert Lowe, aware of the passionate rivalry between Pompey supporters and his club's fans, said: "I'm delighted for Portsmouth. I'm pleased they've done well and we look forward to meeting them twice next season.

"Portsmouth getting promoted is good news and shows football on the south coast is alive and well."