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Hornet's Cut £4m from wage bill

Hornet's Cut £4m from wage bill

Despite cutting a whopping £4m from their annual wage budget the Golden Boys parent company Watford Leisure PLC will still announce a pre-tax loss of £4m.

Revenue dropped by almost £12m, thanks in no small part to an £11m loss in broadcast revenue. Further losses were made in commercial, matchday and catering revenue.

Good news came in the transfer numbers, the sales of Tommy Smith, Mike Williamson and Tamas Priskin amongst other creating a profit of just of £4m in player sales.

Further cuts were made in the yearly wage bill which dropped dramatically from nearly £15m to just over £10m.

Non-football cost savings of £582,000 were made in stadium and administrative areas. Retail and catering costs have also fell by £553,000.

The main impact on these results came from the end of the Premier League parachute payments, the last payment of circa £11m being made last financial year.

An accompanying statement reads as follows: "The group has prepared detailed cash flow forecasts for the period to 30 June 2015. Those forecasts show that the group and company do not currently have facilities in place to fund all of the projected cash requirements over the next 12-month period.

"The directors acknowledge that as a football club which invests significantly in its youth and recruitment policies, the trading of players is critical to the business model of the company.

"The directors are confident that through a combination of player sales and directors and/or shareholder support the requirement to 30 June 2011 will be satisfied."


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Writer:Tom Bodell
Date:Wednesday November 3 2010
Time: 10:57PM

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