Date: 9th October 2006 at 11:54am
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Watford chairman Graham Simpson has set the record straight over the schedule for the repayment of loans by the club to himself and directors Jimmy and Vince Russo.

There had been a theory doing the rounds that the loans which the chairman and the ‘Salad Boys` gave the club when it was on the brink of administration from the fall-out of the ill-fated Vialli regime, were paid back to the trio upon Watford gaining promotion to the Premiership.

However, Simpson a lifelong Watford fan, quashed the speculation in an email to supporters on the club`s mailing list, saying that the repayment schedule of the loans remains unchanged despite Watford reaching the lucrative Premier League

“Many of you have presumed that the loans given to the club by myself and fellow directors Jimmy and Vince Russo were fully repaid upon promotion to the Premier League last spring,” explained Simpson, who was instrumental in Watford gaining promotion by appointing Aidy Boothroyd as manager.

“I can assure you that this is not the case and that the repayment schedule for the loans remains unchanged – over the period of three years that was part of the original agreement.

“To have taken the money back in one payment would have hindered the club in it`s preparations for life in the Premier League and it was never our intention to do that.”

The chairman gave his thoughts on the proposed £32million redevelopment of the Vicarage Road Stadium, adding: “We`ve got a Premier League team, we`ve got Premier League fans and soon we`ll have a Premier League stadium to house them all.”