Dallmeier

Business Directory

Browse the Directory

Sign Up to the Directory

FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Watford's future secure for another season

Wed 28th Apr 2010 | Money & Finance

Watford's future has been secured for another season after the club's shareholders agreed to back Lord Ashcroft's £7.5million rights issue.

The Hornets were hours from going into administration over Christmas until Lord Ashcroft, who is the club's majority shareholder, stepped in with the proposal.

Lord Ashcroft is underwriting £7.5million while former chairman Graham Simpson and director David Fransen will convert their existing loans to restructure the club's £8.63million debt and make a further £1.5million available for the running of the club.

Watford will still have to raise funds through player sales but there should be no repeat of last summer's fire sale which left the Hornets facing a relegation battle in the Coca-Cola Championship, which they survived last week.

A club spokesman said: "It cleans up the balance sheet for the next year. The club will seek to raise other funds as normal but this gives the club some breathing space and means no drastic decisions have to be made."

An EGM has been called for May 17 when shareholders will be asked to endorse the proposals.

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Shrewsbury Town’s Safe Standing Crowdfunding Campaign Success

Tue 17th Oct 2017 | Money & Finance

In an historic achievement, Shrewsbury Town Football Club are one step closer to being the first club in England and Wales to introduce safe standing at their Montgomery Waters Meadow stadium,...

Average Premier League Ticket Costs £32

Fri 13th Oct 2017 | Money & Finance

The average price of watching a Premier League match costs £32 according to research released today. The Premier League, working with professional services company EY, has conducted in-depth...

FC Barcelona to become world’s top earning sports club

Thu 12th Oct 2017 | Money & Finance

FC Barcelona announced on Wednesday the financial reports that it will present at the Club’s Ordinary General Assembly on 21 October, when it will share the annual report with member delegates...

Premier League clubs must sell over 2 million tickets to earn back total transfer spend this season

Thu 5th Oct 2017 | Money & Finance

Each year, the summer transfer window is the most highly awaited time of year for football fans, and clubs alike. It's an opportunity to sign top-quality players to heighten the club's chances of...