Link to Football Finances Home Page

Interest Payments
Director Pay
Notes in Accounts


Payroll  covers all the people employed by the club, from the players, through the board members, through to the match day tea-lady.

Because the numbers are so large the club like to talk about the ratio of payroll to the amount of money coming in to the club. (Try and work out for yourself how much the players must be getting paid.) So for example in 2007 the payroll was 17.6m and the income was 22.4m, a ratio of 59% which is widely seen as the limit of an acceptable ratio. That, though was the best result in the last 8 years

In 2006 the wages were 117% of the money coming in to the club, in 2008 nearly 80%, with some loss of players it was down to 67% in 2009. Trying to envisage what will be the case now it is difficult to be optimistic. With the income estimated at 8.5m the wages would have to be no more than 5m for the club to be happy with them. As the graph shows Watford have never managed to have wages that low in the last 7 years.

The club tried to hold on to players in 2008, and 2009, and pay them Premiership wages. This was a gamble that just didn't work, and is now adding to the financial problems at the club.

Watford Logo