Watford News 24/7Writer: wfc123 
Date:Thursday August 7 2008
Time: 7:15PM
UK time is: 21:23:51
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Club: 'No cash crisis'
In a lengthy statement on the club's official website - www.watfordfc.com - it has been confirmed that admidst growing rumours of financial troubles, the club is NOT heading towards administration.
The following are key points addressed in the statement:
- The club is not in any sort of 'financial crisis' nor are they heading towards administration.
- Recent player sales are to reduce a 'Premiership size wagebill'.
- The hotly disputed 'ring-fenced' money for the East Stand has been spent on redevelopment on the Rookery and Rous Stands. However, plans for the currently closed East Stand are only on standby.
- The club has recently paid off, in full a 'short term borrowing facility'.
- In the last week, a large chunk of this seasons, final, parachute payment has been recieved from the Premier League.
- Chairman Graham Simpson is still owed 600k by way of a loan to the club.
- Work on the South West Corner of the ground continues, despite delays.
Good news then really - just a shame about the communication breakdown between club-local rag-supporters!
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Your Comments
Great, now can we get a striker ?
jackwebby
I don't think this changes anything, except - as suspected - the WO were wide of the mark yet again with it's "facing administration" jibe.
We are still short of cash for investment in the team and stadium and will remain as such until additional investment is obtained or a takeover happens. Sorry to keep banging on about it, but that's the bottom line. In the meantime we should lower our expectations for this coming season and support what we've got. Come On You Golden Boys!
RFB-gloryhornetboys
I am going to give my full support to the team I love... I'm going to judge the team on the pitch... As long as the big nobs off do what's best long term for the club I will support them too...
watford1881
It is funny that this statement is issued now, when henderson, *Shittu, and others have left the club!!! would they be saying the same if they had not left, oh and poor Simpson is still owed £600K,
They still have not accounted where the majority of the money has gone! and i don't think they will.
We have a team thats lacks a forward line and no strength in depth!
I will always back my team, i just do not trust the board of directors!
ANDY710
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