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!