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Watford chief executive claims players won't be sold to fund operating loses
3:10pm Friday 20th July 2012 in Sport
Watford players will no longer be sold to fund operating loses, according to the club’s chief executive Scott Duxbury.
The Hornets have made no secret of the fact they needed to sell players to balance the books in recent years and there are noticeable departures every summer.
But speaking last week, before the duo departed, Duxbury claimed Watford do not have to sell and the money raised will be reinvested back into the playing squad.
He said: “We don’t have to sell players but our philosophy, which is the philosophy at Udinese and it is my personal philosophy, is that we should never be scared of selling players when they are at the top of their value, as long as that money is going back into the playing squad.
“Some of the most successful clubs in the world are selling clubs – Manchester United sold Jaap Stam. The question should be not who are you selling but who are you bringing in.
“Our philosophy will be not to just hold on to players because we don’t have to sell, which we don’t financially because we are fine, but if the player is at top value and we have identified through our scouting network a better and younger player, then of course we will sell.
“But the key is that the money won’t be to fund operating losses, it will be to reinvest into the playing squad and make it better. But there is no pressure to sell to fund trading losses.
“The whole ambition and philosophy of the club has now changed.”
Watford had a number of outstanding debts after former owner Laurence Bassini stopped paying bills once it became clear he would be leaving the club.
When asked how much debt the club had, Duxbury replied: “I can’t go into specifics but the reason the Pozzos are here is to make sure the club is stable. They are aware of the debt situation and we are working through it.
“As of the date of completion, the club is completely stable and has no financial problems because of the Pozzos.
“I can’t go into the specifics of the level of debt but we are being supported by the Pozzos through a new business plan and through the team achieving success, we will increase the revenues and we will move towards being self-sufficient. But in the meantime, we will have the support of the Pozzos,” the chief executive added.
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