Vital Football

Latest Watford FC News

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."


Click here for FULL results



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

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

Best of Vital Network

Login to post a comment

Recent Watford Articles

Deeney Brings An End To Leicester Speculation

Watford have today confirmed that following good and successful talks with skipper Troy Deeney, that he has signed a new five year deal at Vicarage Road.

Success & Kabasele Join Watford

Watford have today confirmed the arrival of long speculation Isaac Success from Granada and Christian Kabasele from Genk.

Angella Departs Vicarage Road

Watford have today confirmed that Gabriele Angella has now left the club and made the permanent move to Italian side Udinese.

Watford Confirm Deal For Liverpool's Sinclair

A deal for Liverpool's Sinclair has been agreed. He's become a Watford player, which is something Ake was last season with the Chelsea full back spending the next one with Bournemouth.

Archived Vital Watford Articles

Vital Watford articles from

Site Journalists

Harry Welch
Editor email
Profile
KDCallanan
no email
Profile
chrisgwfc
no email
Profile
Colin Cowan
no email
Profile
Alex Moore
no email
Profile

Current Poll (see more polls)

Sunderland MotM
Suggested By: Site Staff
Gomes12%
Cathcart0%
Prodl0%
Britos1%
Ake2%
Abdi23%
Guedioura0%
Watson1%
Jurado1%
Ighalo2%
Deeney55%
Sub - Paredes1%
Sub - Suarez1%
Sub - Amrabat1%
ScoopDragon Premier League Network Sites

League Table

# Team P W D L Pts. GD
C Leicester City 38 23 12 3 81 32
2 Arsenal 38 20 11 7 71 29
3 Spurs 38 19 13 6 70 34
4 Man City 38 19 9 10 66 30
5 Man Utd 38 19 9 10 66 14
6 Southampton 38 18 9 11 63 18
7 West Ham 38 16 14 8 62 14
8 Liverpool 38 16 12 10 60 13
9 Stoke 38 14 9 15 51 -14
10 Chelsea 38 12 14 12 50 6
11 Everton 38 11 14 13 47 4
12 Swansea 38 12 11 15 47 -10
13 Watford 38 12 9 17 45 -10
14 WBA 38 10 13 15 43 -14
15 Crystal Palace 38 11 9 18 42 -12
16 AFC Bournemouth 38 11 9 18 42 -22
17 Sunderland 38 9 12 17 39 -14
R Newcastle 38 9 10 19 37 -21
R Norwich 38 9 7 22 34 -28
R Aston Villa 38 3 8 27 17 -49
Latest F1 News
Latest Vital Boxing News

Recent Watford Results (view all)