Date: 7th August 2008 at 7:16pm
Written by:

In a lengthy statement on the club’s official website – www.watfordfc.com – it has been confirmed that admidst growing rumours of financial troubles, the club is NOT heading towards administration.

The following are key points addressed in the statement:

– The club is not in any sort of ‘financial crisis’ nor are they heading towards administration.

– Recent player sales are to reduce a ‘Premiership size wagebill’.

– The hotly disputed ‘ring-fenced’ money for the East Stand has been spent on redevelopment on the Rookery and Rous Stands. However, plans for the currently closed East Stand are only on standby.

– The club has recently paid off, in full a ‘short term borrowing facility’.

– In the last week, a large chunk of this seasons, final, parachute payment has been recieved from the Premier League.

– Chairman Graham Simpson is still owed 600k by way of a loan to the club.

– Work on the South West Corner of the ground continues, despite delays.

Good news then really – just a shame about the communication breakdown between club-local rag-supporters!