Date:Monday November 9 2009
We wont sit here and lie to our readers, most of this financial mumbo jumbo has gone 'whooooooosh'; straight over our heads, we've enough trouble in fact trying to understand why Nathan Ellington is on as much a week as your average person earns in a year. So 'overheads', 'gross profits' and 'shortfalls' mean little to us!
However, we've done our best to cut out the filler and give you the cold hard facts from Watford Leisure PLC's end of year results.
Essentially, the Hornet's made a loss of nearly £2million, that despite the sales of Smith, Williamson, McAnuff, Priskin, and former manager Rodgers. A stark contrast to this time last year where a profit of nearly 500k was announced!
Watford did however see a £716,000 rise in revenue, largely thanks to a £1.55million rise in loan fees and two cup runs reaching the League Cup Quarters and facing Chelsea in the F.A Cup.
A large cut in sales in administrative expenses showed a drop of £2,152,000m in wages alone and and a total drop of £2,948,000m. Which Salad Boy Russo went on to explain - thankfully:
"Further evidence of cost reduction measures taken will be evident in the financial statements for the current financial year as significant work has been undertaken in this area across both the administrative and playing side of the business.
"The nature of football contracts makes it difficult to transition this cost very quickly as contracts generally cover a two, three or four year period.
"The summer transfer window allowed for some movement and with a number of contracts expiring in June 2010 the real evidence of the 'new' player salary model will not be seen until the 2010/2011 financial statements."
A gross profit rise saw a jump from 455k to £3,287,000million and also the paying off of a £7million bank loan. However, a large amount has been borrowed off the Hornet's directors to help avoid administration three times.
Once again that £6.5million figure comes up and Jimmy and Vince need to find that sum to cover the shortfall between now and June 2010.
It has also been confirmed that at present, the Hornet's will have 'to sell players year on year' to ease their financial situation.
Footnote Finally, CEO Julian Winter has confirmed planned talks between the owners and majority shareholder Lord Michael Ashcroft have not happened. It was expected that talks would occur between the Russo's and the Tory with a view to how the club would re-finance going forward. Surprise surprise the politician has done as politicians do and avioided all talk of actually putting a few quid in.
Date:Monday November 9 2009
Bond Moves On (Saturday July 4 2015)
Watford Fixtures/Report Archive (Friday July 3 2015)
Palace Televised, Saints Rearranged (Friday July 3 2015)
Done Deal: Troy Deeney Signs New Deal (Friday July 3 2015)
Done Deal: Vydra Agrees Watford Stay (Wednesday July 1 2015)
Err.. The New Premier League Football... Ahem! (Wednesday July 1 2015)
Talking Point: Backroom Staff (Friday June 26 2015)
Fairer Away Day Ticket Prices FSF Campaign (Thursday June 25 2015)
Hornets Plan Inter Duo Deal (Wednesday June 24 2015)
One to Watch... Troy Deeney - Watford (Wednesday June 24 2015)
|20. West Ham||0||0||0||0||0||0|
|Bond Moves On
» Watford : 04/07/2015 21:21:00
|Palace 30th Most Richest Brand
» Crystal Palace : 04/07/2015 18:03:01
|After Nine Years The Battle Really Starts Now!
» Chelsea : 04/07/2015 16:06:00
|Is Mo Salah Creating a Right Old Mess?
» Chelsea : 04/07/2015 15:55:01
|Matthews Signs Deal With Black Cats
» Sunderland : 04/07/2015 15:45:00