Link to Football Finances Home Page

Interest Payments
Director Pay
Notes in Accounts


Watford's debt is shown below. The bigger the number the worse the debt is.

These figures are not as bad as many other teams. The assets page shows the club has total assets of over 20m. This should mean that if the club sold off the ground (again) and sold all the players there would be stacks of money left over.

Usually debts can be refinanced. So when the due date comes up the bank lending the money just agrees to carry on lending and continues to get paid interest. The other option is for directors to lend money to the club. Usually these are noted in the accounts with a little note saying "payable on demand". Usually the person lending the money is doing it because they support the club, and it is their way of putting money in without ever really intending to demand it back, or not without a lot of warning.  This is where Watford have come unstuck. The Russo loans have suddenly been called in, and the club just doesn't have the cash available to give them their money back.

(Mike Ashley at Newcastle has lent the club 103m with the "payable on demand" note attached to it.)

In 2008 the majority of the debt was owed to the banks.

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