Rumours are rife that the club is losing money, despite average home attendances in excess of 7,400 - well over the 6,500 Smurthwaite revealed the club had budgeted for in the summer.
Responding on Twitter to a Vale fan who asked if there was any truth in the rumours, Smurthwaite said: "I have stated on several occasions that I will have paid in B£1m in this season, so yes we are. This will not be repeated in 14/15."
Smurthwaite revealed at the start of the season that the club's player wage budget is running at B£2.5million, the maximum allowed by the Football League which limits it to 60 per cent of the club's turnover.
- Sports & Recreation