Watford has today announced the launch of an exciting new venture which will see billionaire Lord Michael Ashcroft, become their major shareholder.
The deputy chairman of the Conservative Party is set to own 42% of the club and his purchase is part of a Rights Issue designed to raise £6.2m for the club.
It is no secret that the Golden Boys have struggled financially in recent years, but it is now hoped that the new deal will ensure outstanding debts are written off.
A clearly delighted Ashcroft speaking to the official site commented,
"Watford is a good business that is making steady and sure progress
"My investment will hopefully enable chairman, Graham Simpson and chief executive Mark Ashton to take the business to the next level and beyond.
"It is an exciting time to be involved with Watford. The board and the executive management team, led by Graham, have made huge progress. And this season, under the guidance of manager Adrian Boothroyd, the feel-good factor has returned in spectacular fashion."
It remains unclear as to whether Aidy Boothroyd will see any of the money, although Chief Executive Mark Ashton was quick to point out that everyone remained positive,
“We have a playing budget which Adrian is happy with and we have been working with all season.
"You can see how well the team is doing on the pitch. We have a united club on and off the pitch and everyone is forging ahead with the same goal, so it's all good stuff here at Vicarage Road.”