WATFORD have spent £15m on players over the past three years, chief executive Tim Shaw told to shareholders at the annual meeting of Watford FC on Thursday, December 5.

To shareholders' questions as to whether Luca Vialli has more money to spend, the chief executive pointed out: "This club has spent £15m on improving the playing staff over the last three years and, that while attendances are rising, we still attract less than an average 15,000".

He added: "We punch above our weight and we have not sold a player for £1m or over, during this period which very few clubs can claim. However, there is not an awful lot left in the kitty."

The meeting took place after the inaugural meeting of Watford Leisure and shareholders from Watford Leisure, who stayed on for the club meeting, were asked not to vote.

There were complaints from some who owned shares in Watford FC, that they had not been afforded the chance to buy shares in Watford Leisure, the holding company.

Shaw revealed that they were plans to merge the shareholding but in order to achieve this, a formula would have to be arrived upon to make sure the Watford FC shareholders are not disadvantaged.

Later, manager Luca Vialli was questioned on what a shareholder considered the strange decision to sell Darren Ward, "for what amounts to a sum equal to 17 weeks of Ramon Vega's wages".

The manager said: "It is down to me to decide who is part of my plans and it is difficult to have a 22-year-old player sit on the bench and wait for a chance."

He stressed to shareholders that the division had not caught him by surprise but that "we are a bit behind schedule because it has taken time for the manager to realise what it takes to be successful in this division".

To a question, Vialli revealed he was not particularly happy with "the way the scouting system was working" when he took over at Watford.

"We no longer have a chief scout but we have a few options we are weighing," he said, stressing the need to recruit "someone on the same wavelength as the manager."

One shareholder, concerned about the rising wage bill, questioned whether the club had a "plan b" in the event of the present venture coming unstuck.

The chief executive replied to the effect the club did have a "plan b" and that the directors "take very seriously" the club's financial situation. The wage bill is sustained by increased income, notably the tv revenue, and by money raised by the plc.

When the re-election of Sir Elton John was put before the meeting, one shareholder, to murmurs of approval, questioned whether, in order to be chairman, a director should be present and not perpetually absent.

Accepting the point, another shareholder asked the directors to take on board the views expressed at the meeting as to whether "his position as chairman sits well with his current lifestyle".

On the subject, vice-chairman Haig Oundjian told the meeting shareholders would be surprised how many times and how regularly the chairman was in touch with the club, fellow-directors, manager and assistant manager.

For Oliver Phillips' full AGM report, see The Watford Observer of Friday, December 14.

December 14, 2001 11:00