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Oil head honcho hands Hornets £500K

Oil head honcho hands Hornets £500K

Watford have been handed an ever so timely £500k loan from oil magnate - and lifelong Hornets fan - David Fransen, MD of multi-billion dollar global energy trader Vitol SV…

Fransen, who joined the Hornets board as a non executive director in March 2009 under a fanfare of excitement, has entered into an unsecured loan agreement with Watford Association Football Club Ltd to assist with "potential player transfer activity during the January transfer window".

The short term loan, which is now about to become big news on the stock exchange, needs to be repaid in full (and with a whole heap of interest) by 31 May 2010.

It`s not the first time that Watford have used the 'loan` market to a do a bit of player trading. In 2003, Elton John 'reportedly` paid for the services of Paul Devlin, whilst the Danny Webber deal with Manchester United was done using outside funding.

Here at VitalWatford, we can only hope that this loan means that Malky Mackay does have some transfer targets lined up for the January sales and that he is now going to be a busy man - plugging our leaky defence - over the next 6 and a bit days before the window slams shut.

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Click here to join in the debate on the club forum.

Writer:Dr Watford
Date:Monday January 25 2010
Time: 2:00PM

Comments

0
Will we live to regret this loan.... Some life long fan aye....
watford1881
25/01/2010 18:03:00
0
It's probably unsecured because we know we can sell Loach for several times that fee if needs be! We need to invest this money in a centre back, and a striker. Preferably two of each!
wfc123
25/01/2010 19:42:00
0
This article (on the site) misstates the loan which is not just fot buying players. He was portrayed as a life long fan when he joined so I don`t see why anyone should be so cynical.
Dirk Thrust
26/01/2010 16:51:00
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