At the press conference where the departure of former manager Alan Knill was confirmed, Wharton also revealed that he intends to relinquish his role at the end of the season.
He told the assembled media: "I have given the board assurances that I am here until the end of the financial year which is next June.
"I have made it clear to Brian (Laws, the club's new manager) that I think it is time I retired.
"Then it will be up to whoever takes over.
"We lost a substantial amount of money last year and will do so again this year.
"In any business you cannot continually do that year after year unless you have somebody prepared to come in and throw money at the situation."
The Iron chairman went on to explain that, as of yet, there is no successor waiting in the wings.
"I will do whatever I can that is best for the club, but at the moment there is nobody who has come forward to take over," he continued.
"I don't own the club, however I have a substantial stake in it.
"I myself am not looking to make any money out of it I would rather give them away if it helped.
"I just want to find somebody to take over looking after the club."
Despite having a minority stake holding in the club Wharton confirmed that his son would not be able to take over the reins at Glanford Park.
"I am afraid that for the last 13 years my son has had M.E." he added
"So much as I am sure he would love to take over, he is not in a position to.
"I have put a loan in place so that if I leave at the end of the year the club is financial sound.
"After that they have got to find a way of balancing the budget from then on."
See much more from Steve Wharton and David Beeby on The Iron Player.