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Fordwat increases Watford FC loan
By Pete Hayman 30 Jun 2010
Watford Football Club (WFC) has been provided with a further £500,000 by shareholder Fordwat towards the club's "working capital requirements" as part of an existing loan agreement.
Fordwat - controlled by Conservative Party deputy chair Lord Ashcroft - has now loaned the Coca Cola Championship club more than £6.5m at a 4.5 per cent rate of interest. Watford Leisure - WFC's parent company - announced to the London Stock Exchange that the loan has been provided while the club awaits the completion of a share issue.
A Watford Leisure spokesperson said: "The secured loan is intended to be cancelled as part of the company's proposed issue of secured bonds with detachable warrants in due course."
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