2 Apr 2009Russo concern over Hornets' financial results

Football Clubs News | Football Finance News

Watford chairman Jimmy Russo has conceded that the club face "major challenges both on and off the field" after posting "disappointing" half-year financial results.

The Hornets' parent company revealed on Tuesday (March 31st) that revenue for the six months ending December 31st 2008 was £11 million, down £300,000 from the equivalent period a year earlier.

In addition, the unaudited interim figures showed that the Championship side recorded a loss of £2.3 million during the period, in comparison to a £3.8 million profit in 2007.

One section of a statement released by Russo read: "We will have to take many hard decisions in our drive to return the club to financial stability going forward."

On the positive side, Watford received £6.6 million through sales of players such as Danny Shittu, Darius Henderson and Hameur Bouazza, enabling them to pay off £7.1 million in bank debts.

Russo added that he was confident that the future is still bright for the club, claiming that he has been "really impressed" with its administrative team.

Sir Elton John announced recently that he would be returning to Vicarage Road as life president.

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