Watford have provisions in place for the LNOC money - whether the outcome is good or bad

Watford Observer: Scott Duxbury was asked about the Red Lion pub at today's AGM Scott Duxbury was asked about the Red Lion pub at today's AGM

Watford's head of finance Katie Wareham has confirmed the club have provisions in this year's accounts for a £900,000 loan a company claims it is owed.

The Hornets are currently appealing a High Court decision relating to a £900,000 loan from finance company LNOC.

The Watford Observer reported almost three weeks ago that the club had provisions in this year's accounts for the £900,000 and that it would not have a negative impact of the Golden Boys' finances.

And at today's AGM of parent company Watford Association Football Club Limited at Vicarage Road, Wareham confirmed the club had 'a credit provision and debt provision' for the money in the accounts for the year ending June 2014.

Chief executive Scott Duxbury was also asked if he could "assure" the shareholders in attendance that the Red Lion pub in Vicarage Road would not be given to controversial former owner Laurence Bassini. Duxbury stated he couldn't provide that guarantee.

The Red Lion is still under the ownership of Watford FC but we understand they have a legal obligation to release the building to Bassini as part of the takeover agreement from the summer of 2012.

Wareham and Duxbury were responding to questions submitted after the formal business of the AGM, which lasted less than ten minutes and was held in front of 11 shareholders.

Duxbury and Wareham were joined on the top table by non-executive director Stuart Timperley, company secretary Peter Wastall and Paul Windmill, who works for auditors Myers Clark.

One of the questions included praise about the performance of the commercial side of the business, as the annual accounts for the year ending June 2013 showed the department raised £6.09m more than the previous 12-month period.

Timperley said: "There are some good things happening on the commercial side of the club so it is nice you have given me the opportunity to say that.

"I think Scott Duxbury and his team have done very well. I would also like to include the operations side [of the business] under Glyn Evans and finance under Katie Wareham. There is a really good team of people here now."

"It is very nice to see the club really progressing," he added.

Turnover for the Hornets' parent company increased by £6.95m from £11.18m to £18.13m during the year ending June 2013. Just under £2.58m of that sum was due to participation in the Championship Play-Offs and the rest, the accounts stated, was down to "improved commercial performance of the business".

Duxbury was asked if he could expand on where the extra £4.37m came from. The chief executive explained he couldn't go into exact detail as the information was commercially sensitive but did say the increase of more than £4m was due to several commercial deals rather than just one and that some of the agreements include performance-related incentives.

Timperley was nominated chairman of the meeting in the absence of company chairman Raffaele Riva. Technical director Gian Luca Nani, non-executive director David Fransen and Riva sent their apologies for being unable to attend the meeting.

You can read about the LNOC court proceedings here. An in-depth analysis of Watford's accounts are here.

Comments (8)

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5:50pm Mon 9 Dec 13

Guy Bov says...

So what does Raffaele Riva actually do ? You would have thought as chairman he could find time to attend a 10 minute AGM.
So what does Raffaele Riva actually do ? You would have thought as chairman he could find time to attend a 10 minute AGM. Guy Bov

9:01am Tue 10 Dec 13

Harry's Bar says...

Guy Bov wrote:
So what does Raffaele Riva actually do ? You would have thought as chairman he could find time to attend a 10 minute AGM.
Ditto Nani.
[quote][p][bold]Guy Bov[/bold] wrote: So what does Raffaele Riva actually do ? You would have thought as chairman he could find time to attend a 10 minute AGM.[/p][/quote]Ditto Nani. Harry's Bar

9:25am Tue 10 Dec 13

Chris the Vic says...

Does it matter what Riva does we are owned by the Pozzo family and they and their appointees are doing well. As for Nani I hope he was monitoring targets.

I hope that there are no holes in the cash flow, was not Ms Wareham in place when we had the boy blunder and homer black hole, plan B and prudent management in place. People from that era do not fill me with confidence.
Does it matter what Riva does we are owned by the Pozzo family and they and their appointees are doing well. As for Nani I hope he was monitoring targets. I hope that there are no holes in the cash flow, was not Ms Wareham in place when we had the boy blunder and homer black hole, plan B and prudent management in place. People from that era do not fill me with confidence. Chris the Vic

11:15am Tue 10 Dec 13

N Joydegame says...

Chris the Vic wrote:
Does it matter what Riva does we are owned by the Pozzo family and they and their appointees are doing well. As for Nani I hope he was monitoring targets.

I hope that there are no holes in the cash flow, was not Ms Wareham in place when we had the boy blunder and homer black hole, plan B and prudent management in place. People from that era do not fill me with confidence.
I seem to remember that it was Katie Wareham who confronted the Bankrupt and refused to give him the keys to the safe. It was due to Katie and the Directors Fransen and Timperley who managed to get the Bankrupt out and the Pozzos in, and were there to give evidence to the FA's charge of financial miss dealings.

Glad to see you give credit to the Pozzos, but these people have played a very important role behind the scenes.
[quote][p][bold]Chris the Vic[/bold] wrote: Does it matter what Riva does we are owned by the Pozzo family and they and their appointees are doing well. As for Nani I hope he was monitoring targets. I hope that there are no holes in the cash flow, was not Ms Wareham in place when we had the boy blunder and homer black hole, plan B and prudent management in place. People from that era do not fill me with confidence.[/p][/quote]I seem to remember that it was Katie Wareham who confronted the Bankrupt and refused to give him the keys to the safe. It was due to Katie and the Directors Fransen and Timperley who managed to get the Bankrupt out and the Pozzos in, and were there to give evidence to the FA's charge of financial miss dealings. Glad to see you give credit to the Pozzos, but these people have played a very important role behind the scenes. N Joydegame

1:40pm Tue 10 Dec 13

Chris the Vic says...

Fransen has certainly been a useful addition( he put money in to the club) but then he and others stayed with the bankrupt. As for getting him out I think one person insisted on that and he was not a director. More the biggest creditor by far...goes by the name of Ashcroft who pulled the strings against both the Rossos and the Bankrupt. As for Katie and the safe maybe she did refuse the keys, maybe she did not produce the worst cash flow in the history of the club , maybe she did her job and reported Bassini for taking money incorrectly( alegal requirement) and there again maybe she did not...I dont know but there again neither do you..What we do know is that she was employed in a senior finance position throughout a very chequered part of the club's history and what we do know is since the Pozzos and their men turned up the club's fortunes have taken a turn seemingly for the best.

So as I said the Pozzos, Duxbury,etc fill me with confidence, others are part of a murky period where there individual contributions are much harder to assess.
Fransen has certainly been a useful addition( he put money in to the club) but then he and others stayed with the bankrupt. As for getting him out I think one person insisted on that and he was not a director. More the biggest creditor by far...goes by the name of Ashcroft who pulled the strings against both the Rossos and the Bankrupt. As for Katie and the safe maybe she did refuse the keys, maybe she did not produce the worst cash flow in the history of the club , maybe she did her job and reported Bassini for taking money incorrectly( alegal requirement) and there again maybe she did not...I dont know but there again neither do you..What we do know is that she was employed in a senior finance position throughout a very chequered part of the club's history and what we do know is since the Pozzos and their men turned up the club's fortunes have taken a turn seemingly for the best. So as I said the Pozzos, Duxbury,etc fill me with confidence, others are part of a murky period where there individual contributions are much harder to assess. Chris the Vic

3:38pm Tue 10 Dec 13

Harry's Bar says...

Chris the Vic wrote:
Fransen has certainly been a useful addition( he put money in to the club) but then he and others stayed with the bankrupt. As for getting him out I think one person insisted on that and he was not a director. More the biggest creditor by far...goes by the name of Ashcroft who pulled the strings against both the Rossos and the Bankrupt. As for Katie and the safe maybe she did refuse the keys, maybe she did not produce the worst cash flow in the history of the club , maybe she did her job and reported Bassini for taking money incorrectly( alegal requirement) and there again maybe she did not...I dont know but there again neither do you..What we do know is that she was employed in a senior finance position throughout a very chequered part of the club's history and what we do know is since the Pozzos and their men turned up the club's fortunes have taken a turn seemingly for the best.

So as I said the Pozzos, Duxbury,etc fill me with confidence, others are part of a murky period where there individual contributions are much harder to assess.
If there had been the merest hint of any impropriety she would no longer be employed by the Club so I think we can rest easy on that one.
[quote][p][bold]Chris the Vic[/bold] wrote: Fransen has certainly been a useful addition( he put money in to the club) but then he and others stayed with the bankrupt. As for getting him out I think one person insisted on that and he was not a director. More the biggest creditor by far...goes by the name of Ashcroft who pulled the strings against both the Rossos and the Bankrupt. As for Katie and the safe maybe she did refuse the keys, maybe she did not produce the worst cash flow in the history of the club , maybe she did her job and reported Bassini for taking money incorrectly( alegal requirement) and there again maybe she did not...I dont know but there again neither do you..What we do know is that she was employed in a senior finance position throughout a very chequered part of the club's history and what we do know is since the Pozzos and their men turned up the club's fortunes have taken a turn seemingly for the best. So as I said the Pozzos, Duxbury,etc fill me with confidence, others are part of a murky period where there individual contributions are much harder to assess.[/p][/quote]If there had been the merest hint of any impropriety she would no longer be employed by the Club so I think we can rest easy on that one. Harry's Bar

4:42pm Tue 10 Dec 13

andyhooked says...

From what I recall from the court case, Kate Wareham was congratulated by the judge.Ms Wareham is a person of integrity. I am not that concerned about the AGM that is a formal process and who was there and who was not attending.
Legal issues are out there, including the ownership of the pub by the alleged Bankrupt (the most polite title that I can give him) that we all hate. More important is what happens at the Appeal Court and we do not have to pay all that money to LNOC. Will Baz lose and then perhaps having no dosh give up the pub and it then belongs to our new and wonderful owners. I hope we get court costs as well on appeal. Have to wait and see what happens.
From what I recall from the court case, Kate Wareham was congratulated by the judge.Ms Wareham is a person of integrity. I am not that concerned about the AGM that is a formal process and who was there and who was not attending. Legal issues are out there, including the ownership of the pub by the alleged Bankrupt (the most polite title that I can give him) that we all hate. More important is what happens at the Appeal Court and we do not have to pay all that money to LNOC. Will Baz lose and then perhaps having no dosh give up the pub and it then belongs to our new and wonderful owners. I hope we get court costs as well on appeal. Have to wait and see what happens. andyhooked

5:30pm Tue 10 Dec 13

ramage1996 says...

Harry's Bar wrote:
Chris the Vic wrote:
Fransen has certainly been a useful addition( he put money in to the club) but then he and others stayed with the bankrupt. As for getting him out I think one person insisted on that and he was not a director. More the biggest creditor by far...goes by the name of Ashcroft who pulled the strings against both the Rossos and the Bankrupt. As for Katie and the safe maybe she did refuse the keys, maybe she did not produce the worst cash flow in the history of the club , maybe she did her job and reported Bassini for taking money incorrectly( alegal requirement) and there again maybe she did not...I dont know but there again neither do you..What we do know is that she was employed in a senior finance position throughout a very chequered part of the club's history and what we do know is since the Pozzos and their men turned up the club's fortunes have taken a turn seemingly for the best.

So as I said the Pozzos, Duxbury,etc fill me with confidence, others are part of a murky period where there individual contributions are much harder to assess.
If there had been the merest hint of any impropriety she would no longer be employed by the Club so I think we can rest easy on that one.
David Fransen has nothing but love for the club, as a former shareholder I know he has nothing but the clubs best interests.
[quote][p][bold]Harry's Bar[/bold] wrote: [quote][p][bold]Chris the Vic[/bold] wrote: Fransen has certainly been a useful addition( he put money in to the club) but then he and others stayed with the bankrupt. As for getting him out I think one person insisted on that and he was not a director. More the biggest creditor by far...goes by the name of Ashcroft who pulled the strings against both the Rossos and the Bankrupt. As for Katie and the safe maybe she did refuse the keys, maybe she did not produce the worst cash flow in the history of the club , maybe she did her job and reported Bassini for taking money incorrectly( alegal requirement) and there again maybe she did not...I dont know but there again neither do you..What we do know is that she was employed in a senior finance position throughout a very chequered part of the club's history and what we do know is since the Pozzos and their men turned up the club's fortunes have taken a turn seemingly for the best. So as I said the Pozzos, Duxbury,etc fill me with confidence, others are part of a murky period where there individual contributions are much harder to assess.[/p][/quote]If there had been the merest hint of any impropriety she would no longer be employed by the Club so I think we can rest easy on that one.[/p][/quote]David Fransen has nothing but love for the club, as a former shareholder I know he has nothing but the clubs best interests. ramage1996

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