05:36 ET<\/span>
\n<\/span><\/p>\nWatford Leisure, the company that owns Watford football club, has reported a sharp increase in losses for the second half of 2010.<\/p>\n
Pre-tax losses for the six-month period came in at \u00a32.5m compared with a loss of \u00a3172,000 a year earlier, despite a small rise in revenue to \u00a35.4m.<\/p>\n
The company said the loss was due in large part to the fact that no players were sold during the period.<\/p>\n
Watford football club is currently the subject of a \u00a3440,000 buy-out offer.<\/p>\n
The bid was tabled earlier this month by Watford Football Club, a company set up specifically to buy the club by surgeon Panos Thomas and backed by entrepreneur Laurence Bassini.<\/p>\n
Watford Supporters’ Trust has said it is not against the offer, but has expressed concern about minority shareholders losing money if the deal goes ahead.<\/p>\n
Season tickets<\/span><\/p>\nWatford Leisure said that it needed to sell players in order to keep the business sustainable.<\/p>\n
“It should be no surprise to anyone to read that our half-year figures state a deficit,” said chairman Graham Taylor.<\/p>\n
“Our focus on ensuring we remain true to our business plan means that failure to trade in either [summer or January transfer] window inevitably leads to the need for a working capital injection from alternative sources.”<\/p>\n
He said this injection would have to amount to about \u00a33.5m this year.<\/p>\n
Match day revenue fell \u00a342,000 to \u00a32m, while season ticket sales fell by 1,500, resulting in a \u00a349,000 drop in revenue – less than would have been the case had it not been for a “restructuring of the [season ticket] pricing model”.<\/p>\n
Media revenue increased by \u00a3324,500 to \u00a32.6m.<\/p>\n
Watford FC are currently lying in ninth place in the Championship, four points behind the play-off places.<\/p>\n<\/p><\/div>\n<\/p>\n
Read more here:
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