"I am not saying that I will not take this club into debt- but I will not take this club into a debt that it cannot afford" he told Humberside reporter Matt Dean.
"I have increased my loan from £500,000 to £1,000,000 and I thought that would show commitment"
Wharton also claimed that United would pay large wages for short term deals, but insisted he would not put the club in jeopardy by offering long term deals with big money wages.
He also confirmed that a club record fee of £425,000 has been rejected for an unnamed player.
Wharton also dismissed that Nigel Adkins position as manager was under threat saying: "it hadn't even entered my thoughts."