30 Nov 2009Watford 'need new funding before Christmas'

Football Clubs News | Football Finance News

Watford's parent company has claimed that it will run out of money by Christmas if new funding cannot be found.

The Championship outfit are owned by Watford Leisure, which now has debts totalling £4.88 million after borrowing another £1 million from Valley Grown Salads last week.

Watford directors Vincenzo and Giacomo Russo control Valley Grown Salads and their loans are secured against the Hertfordshire club's Vicarage Road stadium.

However, a statement issued by Watford Leisure today (November 30th) revealed that it requires another £5.5 million to cover projected cash-flow requirements up to the end of June 2010.

If additional funding cannot be secured before December 22nd, the firm said that it will ask for its shares on the AIM index to be suspended "pending clarification of its financial position".

Watford are currently ninth in the Championship, but their chances of making the playoffs will suffer a major blow if they receive a ten-point penalty for going into administration.

Malky Mackay's side were beaten 3-0 at Crystal Palace on Saturday.

Written by Terry Mitchell

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