Watford secures funding after bright start to the season
WATFORD Football Club has netted tens of millions of pounds of funding after using a bright start to the Premier League season to bolster the club’s balance sheet.
Debt fund 23 Capital has handed the Vicarage Road club a loan of £25m, according to Companies House filings.
The Hornets are safely installed in the top half of the table in what is their fourth consecutive season in the top flight.
In its most recent accounts, Watford’s parent company posted a £2.8m pre-tax profit in the year to June 2017. It was also handed a £4.1m tax credit by HM Revenue & Customs.
The club, whose honorary life-president is Sir Elton John, is owned by businessman Giampaolo Pozzo. The Italian also controls Udinese and Spanish team Granada. He bought Watford in 2012 when it was on the brink of collapse
23 Capital was founded by ex-banker Jason Traub and Stephen Duval, who previously worked for sports management giant IMG. The fund was launched in 2014 and has made $2.7bn of investments in sports and media.
It has £55m of additional loans with Watford and is the club’s biggest lender, its 2017 accounts read.
Rock royalty Sir Elton John is the honorary life president of Watford Football Club