An early Christmas present - £1million
Chairman Jimmy Russo has lent Watford another £1million to keep the club afloat.
It takes the club's debts to 4.88 million after earlier loans, mainly from Russo and his company Valley Grown Salads.
A statement from parent company Watford Leisure PLC said that the club will need another 5.5 million by the end of June 2010 to keep them afloat, with the latest loan enough to keep the club going until January.
The money borrowed is likely to have paid back by selling some players in the January transfer window.
The statement said: "The board of Watford Leisure estimates that the Company requires a further 5.5million to cover projected cash flow requirements for the period to 30 June 2010.
"In the event that further funding is not available to the Club before December 22 2009, then the board would seek a suspension of trading in Watford Leisure's shares on AIM pending clarification of its financial position."
The club, meanwhile, has announced that it spent almost 600,000 on agents fees during 2008/09.
From October 1 2008 until September 30 2009 a total of 573,913.16 left the Vicarage Road coffers and went into agents' pockets.
Back on the pitch and Watford crashed to a 3-0 defeat at Crystal Palace on Saturday after conceding two goals in the first six minutes.
The Hornets never recovered from the early setback, with Danny Graham unable to give his team a lifeline after missing from the penalty spot.
The team could be forgiven for feeling buoyant following recent home success, but the opening exchanges at Selhurst Park provided a quick reminder that form in the Championship is somewhat bipolar in nature.
Malky's Mackay's men were without creative midfielder Don Cowie through injury, but his absence was little excuse for the team's poor start to the game.
Opposition manager Neil Warnock was celebrating his 100th game in charge of the Eagles and his team came out in typically ferocious fashion with a first goal two minutes in.
The Hornets defence had barely had a touch of the ball when the dangerous Victor Moses skipped through them and drilled past Scott Loach.
Things became considerably worse four minutes later when Alan Lee jumped highest to direct Danny Butterfield's cross beyond Loach once more.
Despite the disastrous start, there was plenty of time left on the clock and Watford went about looking for a way into the game.
A Tom Cleverley free-kick sailed just wide and Danny Graham's header found the arms of Julian Speroni in the Palace goal.
The Hornets' best chance came right before half-time as Henri Lansbury was tumbled inside the penalty area, but Speroni palmed away Graham's weak effort.
The game was effectively killed off nine minutes after the restart as Darren Ambrose found the top left hand corner with a shot after another penetrating run from Moses.
Riding high on confidence, the home defence kept the Hornets front line very quiet for the remainder of the game.
Only a late Tom Cleverley effort looked to have earned Watford a consolation, only for the youngster's shot to bounce off the post.
Watford boss Mackay praised a typically robust Neil Warnock outfit following the defeat, but did take some positives from his team's effort:
"I think you know exactly what you're going to get with Palace, and we did" he said.
"I thought in the first five or 10 minutes, they were in control but then we got back into the game and had our chances.
"In the second half we had two or three good chances and we kept going and that's what I like to see.
"Their mentality was strong; we did keep at it and didn't throw the towel in."
Meanwhile the Hornets have once more been drawn against reigning champions Chelsea in the FA Cup third round.
The tie, to be played in January, will be the third time in six years that the two teams have been drawn together in the competition, this time at Stamford Bridge.
Goals from Heidar Helguson and Gavin Mahon forced a third round replay at the Vicarage Road back in 2004 before the Hornets were edged out 3-1 in last season's tight fifth round fixture.
There is further interest in the tie given that Watford owners Jimmy and Vince Russo are known to be Chelsea followers.
The West Londoners lead the Premiership but have suffered cup upsets in recent years at the hands of Barnsley and Burnley respectively.
From one league leader to another, next up for Mackay's troops is a long journey to face Newcastle United.
The Magpies have been at the centre of turmoil for some time but have given a good account of themselves following relegation from the Premiership by setting the pace in England's second tier.
Email to a friend
Print this page
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Tring
Wednesday 08 February 2012
Today
Cloudy
Temperature: -3 C to 0 C
Wind Speed: 16 mph
Wind direction: East
Tomorrow
Cloudy
Temperature: -0 C to 2 C
Wind Speed: 6 mph
Wind direction: South west
