Wat­ford se­cures fund­ing af­ter bright start to the sea­son

The Sunday Telegraph - Money & Business - - Business - By Oliver Gill

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

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