Sir Elton John will stage a concert at Vicarage Road on May 29, 2010, the Watford Observer can reveal.

Watford Football Club has also confirmed that it will honour the superstar’s wishes by spending all proceeds on player transfers.

In March Sir Elton stated he hoped to hold a concert next summer to raise money for the club and today it will announce that his only UK concert in 2010 will take place in Watford.

Sir Elton raised more than £1m for the club by holding a similar concert in 2005 and Watford FC’s chairman Jimmy Russo hopes next summer’s event will raise about £600,000.

Mr Russo said: “He is one of the best entertainers in the world and we are lucky that he is local and he can deliver like nobody else can - he is that good. He is a world superstar.

“The last concert was a great event. It was probably one of the best nights I have ever been to for any show, anywhere in the world.”

Sir Elton was Watford FC’s chairman for more than a decade in the 1970s and 1980s and his considerable investment helped lift the club from the old Fourth Division to second in the First Division and a place in the 1984 FA Cup final.

The club again reached the top flight of English football in 1999 after the singer-songwriter returned as chairman for a second time and although he stepped down in 2002, he remained life president of the club until last November, when he gave up the position in protest at the way it was being run.

But following the departure of the previous board, he regained the position on his 62nd birthday in March.

Watford FC’s head of customer sales, Michael Jones, believes Sir Elton’s love of the club will make next summer’s concert an amazing night.

He said: “Watford means more to him than probably most things in the world. The feedback we got from his production company last time around was that it was his best concert in over ten years and he felt that it meant more to him than anything else he had done. So I think next summer’s concert an amazing night.”

Watford FC is struggling financially and Russo has invested £3.7m of his own money into the club since January to stop it from going into administration three times.

Sir Elton wanted the proceeds from his 2005 concert to go towards player transfers but instead the money was used to buy back Vicarage Road Stadium.

However, despite the club’s financial position, Russo stated: “We have to honour what he is asking for.”

Watford FC will pay for all the costs of holding the concert on May 29, 2010, and Jones admitted that due to it being a one-off event, there are a number of “singular costs” which will reduce the profits.

It is unclear exactly how much it will cost to hold the concert but Russo claims he would be “happy with a profit of £600,000 to £700,000".

There will be three ticket price bands of £55, £75 and £100, the same as Sir Elton’s current UK tour.

About 9,000 fans will be seated on the pitch next summer and Jones hopes the “reasonable pricing” will help sell out the expected 23,000 capacity.

Watford will announce full details next week but tickets go on sale on November 9.

The Hornets struggled to cope with the initial demand for tickets in 2005 but Jones claimed the club had learnt from previous mistakes and confirmed the operation will be kept in house to try to keep costs down.

Jones concluded: “There is no way you can put an event like this on and not have problems, our job is to minimise them.

“So we ask for supporters’ understanding and patience.”