FOOTBALL: FIRST DIVISION - Watford in Fine Form despite Financial Woes
Culley, Jon, The Independent (London, England)
THE CHOICE of Ray Lewington as the First Division's manager of the month for October will attract little argument as Watford have won four out of five matches and have moved up to fourth place.
In common with Leicester City, Norwich City, Sheffield United, Coventry City and Nottingham Forest, the Vicarage Road club have emerged among the early-season pace-setters in spite of their financial predicament. While Lewington prepared his side to take on relatively prosperous Wolverhampton Wanderers this afternoon, staff and fans were learning the true scale of losses - pounds 7.6m according to latest accounts - sustained during Gianluca Vialli's unsuccessful season in charge.
A settlement on the two years outstanding on Vialli's pounds 750,000-a-year contract has also still to be agreed and the success or failure of an impending rights issue will determine whether the club seek administration. While following Leicester's example would ultimately slash the club's debts, Watford's chairman, Graham Simpson, warned that the procedure would not be painless. Job cuts and the selling-off of training facilities would precede it. The players have made their contribution by accepting a 12 per cent wages deferral.
However, after finishing 14th last season, the club's spending plans are unlikely …
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: FOOTBALL: FIRST DIVISION - Watford in Fine Form despite Financial Woes. Contributors: Culley, Jon - Author. Newspaper title: The Independent (London, England). Publication date: November 2, 2002. Page number: 4. © 2009 The Independent - London. Provided by ProQuest LLC. All Rights Reserved.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.