Watford halve operating loss

Watford Leisure Limited this morning released their account for the year ending June 30 2011 with the headline news being the reduction in operating loss.

The figure, which stood at £8,353,000 last financial year has now been cut down to £4,050,000.

This improvement was thanks to a number of factors, including a drop in salary - from £10,876,000 a year to £9,319,000 a year.

Also responsible for the drop was the money received by way of compensation for the services of Malky Mackay and the numerous other staff who followed him to Cardiff City.

On top of Mackay, money was received not only from the sale of Will Buckley, but various sell-on fees and clauses in the contracts of other former players which became active.

Watford Leisure Limited's AGM will be held on December 12 2011 and in Chairman Graham Taylor's letter to supporters is the subject of the bond issue. However the issue discussed is not repayment:

'...proposes to adopt new articles of association to ensure that the ordinary shares of 0.001p each (which for clarity are to

e redesignated as A ordinary shares of 0.001p each) will rank pari passu with the existing Ordinary shares of

1.00 each in the capital of Company, in all respects.'

A quick Google tells me that 'pari passu' means 'equal in every way'.

The full financial accounts for the year can be viewed BY CLICKING HERE

Graham Taylor's statement can be viewed BY CLICKING HERE

The club's notice of AGM can be viewed BY CLICKING HERE

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