Watford need £6.5 million
Some valiant performances from Malky Mackay and his men in the second half of 2009 have truly exceeded expectations of fans and critics alike.
But the club's latest off field revelation comes as an abrupt reality check.
The Hornets find themselves only nine points off the pace in the Championship table, a great achievement given the strength of the league and considering the squad was stripped of its star players in the last transfer window.
The sales of Tommy Smith, Tamas Priskin and Mike Williamson amongst others went about reducing the club's uncontrollable wage bill and providing much needed funds for loan repayments.
However the annual report released by parent company Watford Leisure PLC on Friday indicates that the club are some way off achieving financial stability.
More specifically, the report shows that the club need to raise 6.5 million by June 2010 as they continue to fight debts accumulated by the previous regime.
In the report Watford chairman Jimmy Russo said the club will need to sell players in order to raise the money.
But he later qualified this by insisting they will not be forced into selling their assets.
The report added that the club are hoping for outside investment to help cover the financial hole. Jimmy and his brother Vince loaned the club almost 4million in January to prevent the Hornets from falling in to administration.
While admitting that the club's survival is paramount, the chairman strongly emphasised the need to maintain a balance of competitiveness whilst fighting the debt.
Russo also found the time to put in some praise for his manager:
"I am really pleased with the way that Malky Mackay has conducted himself and has won the respect of all of his staff both playing and non playing," he said.
"He is a true gentleman and a leader amongst men and whilst our expectations would be success year on year, we also have to be realistic as to the challenges that he faces."
Amidst the continual gloom of financial troubles, the club received some good news on Wednesday as youngster Lee Hodson agreed a new three year deal with the club.
The 18-year-old has surprised everyone with his consistently mature performances during the team's run-in, earning himself a regular starting spot in Mackay's team.
Despite his brief spell in the first team setup, the full-back is already being compared to Watford legend Nigel Gibbs, a glowing testament to his performances so far.
He said: "I've wanted to make the most of my chance in the first-team and I think I've done that."
"The manager and Sean (Dyche] both knew what I could do. They made me feel comfortable around the first-team squad."
"Both have had belief in me and passed on their confidence and that's helped me a lot."
Hodson was one of several Hornets in international action at the weekend.
Don Cowie played 78 minutes as he earned his second cap for Scotland, but the Tartan Army were sunk 3-0 by Wales.
Hodson and loanee Craig Cathcart helped Northern Ireland U21s battle to a 1-1 draw against European champions Germany, both playing the full 90 minutes.
Also in action for their country were Scott Loach and Tom Cleverley, the pair starting in England U21s' 1-0 victory over Portugal, former Hornet Danny Rose grabbing the only goal of the game.
Tickets for Elton John's summer concert at Vicarage Road, meanwhile, are now on sale.
Lifelong Watford fan and Honourary Life-President Elton will be holding his only gig of the calendar year on Saturday May 26.
He will donate his fee towards the club's transfer funds.
For the latest news from Vicarage Road keep your eye on www.hemeltoday.co.uk
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Weather for Tring
Wednesday 08 February 2012
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