Post by QPR Report on May 22, 2009 6:11:45 GMT
I won't make any comparisons/analogies!
The Guardian/Matt Scott - Watford faces bleak future without backing of Lord Ashcroft• Billionaire Tory said to be losing interest
• Vicarage Road wages-to-turnover ratio hits 79%
Watford's chairman yesterday denied long-term financial difficulties were catching up with his club as insiders feared its richest shareholder, the billionaire Tory financier Michael Ashcroft, has begun to lose interest.
Vicarage Road officials are said to have been talking privately of their fears that the club will be forced to file for administration. Jimmy Russo, Watford's chairman, hit back at the suggestion the club was heading for insolvency, saying instead that he is "challenging hard the levels of what we're spending to ensure we're getting value in today's market".
Watford made an operating loss last season of more than £5m after seeing their wages-to-turnover ratio rocket to 79%. The club's liabilities exceed their assets by £13m and there have been major job cuts.
Lord Ashcroft, whose office did not return calls yesterday, had installed Andy Wilson as his proxy on the board but Wilson split with the club in March. Now insiders believe Ashcroft's willingness to inject further funds into the club has waned. That could prove disastrous for Watford, who are said to have had an uncomfortable relationship with their banks, since auditors only agreed to sign off their accounts on a going-concern basis "dependent on the ability to raise sufficient new capital to the extent that may be required".
Russo, who owns 30% of the club, and his brother Vinny have been sustaining Watford financially but refused to comment about Ashcroft's investment. But Russo stressed yesterday that in their efforts to control costs they are "getting there slowly," adding: "Money will get in to the club."
Bank puts brakes on Real
Real Madrid's reliance on bank funding is said to have been behind their inability to close a deal for Cristiano Ronaldo, right, last season as Santander withdrew the offer to finance the deal. The Spanish bank is said by financial sources to have got cold feet over backing Madrid's payment of a world-record transfer fee at a time when it was repossessing homes throughout Spain. If the talk is true and the same stance is taken this summer, then the extravagant plans of the returning Florentino Pérez may be harder to carry through.
FA too quick to vote
At a time when Football Association executives and board members are reflecting on their organisation's governance, those who will be called upon to vote on reform are hardly over-exercised. The expression "turkeys voting for Christmas" was used of the FA shareholders when they only narrowly passed the motion in support of the appointment of an independent chairman. But it is a wonder what the rump of the shareholders do: the FA's AGM on Tuesday lasted little more than half an hour.
Football 40 arrives
Stamford Bridge played host to the Agents' Cup yesterday, including some of the leading player agencies such as First Artist, Wasserman Media Group and the Sports Entertainment Media Group but it was a tournament with a twist. It was the first ever Football 40 competition, supposedly the game's answer to cricket's Twenty20. The invention of the former Daily Express football correspondent, Harry Harris, the format truncates matches and introduces another referee to the pitch. Despite its debut at a Premier League ground, so far the idea has yet to catch on among football authorities.
Relegation reshuffles
Although David Sheepshanks remains a serving director on the Football League board following his decision to step down from the Ipswich Town chairmanship, it will need to find replacements for at least two other of its members. The relegation of Norwich City to the third tier of the game removes Neil Doncaster from his post as a representative for the Championship, while Tranmere Rovers' League One delegate, Lorraine Rogers, has announced her intention to quit the game altogether. Terry Robinson will hope he has no more league board meetings to attend because that would mean Sheffield United will have won promotion to the Premier League in Monday's play-off final against Burnley. Tipped to enter the hustings ahead of the league's summer meeting to replace Doncaster and possibly Robinson are Karl Oyston, a board member while Blackpool were in League One, and Cardiff City's Peter Ridsdale.
www.guardian.co.uk/sport/2009/may/22/watford-administration-ashcroft-digger
The Guardian/Matt Scott - Watford faces bleak future without backing of Lord Ashcroft• Billionaire Tory said to be losing interest
• Vicarage Road wages-to-turnover ratio hits 79%
Watford's chairman yesterday denied long-term financial difficulties were catching up with his club as insiders feared its richest shareholder, the billionaire Tory financier Michael Ashcroft, has begun to lose interest.
Vicarage Road officials are said to have been talking privately of their fears that the club will be forced to file for administration. Jimmy Russo, Watford's chairman, hit back at the suggestion the club was heading for insolvency, saying instead that he is "challenging hard the levels of what we're spending to ensure we're getting value in today's market".
Watford made an operating loss last season of more than £5m after seeing their wages-to-turnover ratio rocket to 79%. The club's liabilities exceed their assets by £13m and there have been major job cuts.
Lord Ashcroft, whose office did not return calls yesterday, had installed Andy Wilson as his proxy on the board but Wilson split with the club in March. Now insiders believe Ashcroft's willingness to inject further funds into the club has waned. That could prove disastrous for Watford, who are said to have had an uncomfortable relationship with their banks, since auditors only agreed to sign off their accounts on a going-concern basis "dependent on the ability to raise sufficient new capital to the extent that may be required".
Russo, who owns 30% of the club, and his brother Vinny have been sustaining Watford financially but refused to comment about Ashcroft's investment. But Russo stressed yesterday that in their efforts to control costs they are "getting there slowly," adding: "Money will get in to the club."
Bank puts brakes on Real
Real Madrid's reliance on bank funding is said to have been behind their inability to close a deal for Cristiano Ronaldo, right, last season as Santander withdrew the offer to finance the deal. The Spanish bank is said by financial sources to have got cold feet over backing Madrid's payment of a world-record transfer fee at a time when it was repossessing homes throughout Spain. If the talk is true and the same stance is taken this summer, then the extravagant plans of the returning Florentino Pérez may be harder to carry through.
FA too quick to vote
At a time when Football Association executives and board members are reflecting on their organisation's governance, those who will be called upon to vote on reform are hardly over-exercised. The expression "turkeys voting for Christmas" was used of the FA shareholders when they only narrowly passed the motion in support of the appointment of an independent chairman. But it is a wonder what the rump of the shareholders do: the FA's AGM on Tuesday lasted little more than half an hour.
Football 40 arrives
Stamford Bridge played host to the Agents' Cup yesterday, including some of the leading player agencies such as First Artist, Wasserman Media Group and the Sports Entertainment Media Group but it was a tournament with a twist. It was the first ever Football 40 competition, supposedly the game's answer to cricket's Twenty20. The invention of the former Daily Express football correspondent, Harry Harris, the format truncates matches and introduces another referee to the pitch. Despite its debut at a Premier League ground, so far the idea has yet to catch on among football authorities.
Relegation reshuffles
Although David Sheepshanks remains a serving director on the Football League board following his decision to step down from the Ipswich Town chairmanship, it will need to find replacements for at least two other of its members. The relegation of Norwich City to the third tier of the game removes Neil Doncaster from his post as a representative for the Championship, while Tranmere Rovers' League One delegate, Lorraine Rogers, has announced her intention to quit the game altogether. Terry Robinson will hope he has no more league board meetings to attend because that would mean Sheffield United will have won promotion to the Premier League in Monday's play-off final against Burnley. Tipped to enter the hustings ahead of the league's summer meeting to replace Doncaster and possibly Robinson are Karl Oyston, a board member while Blackpool were in League One, and Cardiff City's Peter Ridsdale.
www.guardian.co.uk/sport/2009/may/22/watford-administration-ashcroft-digger
