Watford takeover bid denied after billionaire Ashcroft raises stake
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.By Tom Collomosse, PA Sport
Lord Michael Ashcroft is to become the new majority shareholder of Watford. Lord Ashcroft - a billionaire and deputy chairman of the Conservative Party - is to own up to 42 per cent of the Watford Leisure Plc shares as part of a rights issue designed to raise £6.2m for the club.
Watford hope the rights issue will wipe out their debt - they announced losses of £2.1m for the 2004-05 financial year - and provide the club with funds as they attempt to win promotion to the Premiership this season.
Lord Ashcroft said that his investment did not herald a takeover campaign. "Watford is a good business that is making steady and sure progress," he said. "My investment will hopefully enable [the chairman] Graham Simpson and [the chief executive] Mark Ashton to take the business to the next level and beyond."
Lord Ashcroft was a major donor to and treasurer of the Tory Party from 1998 to 2001. He has other business connections in Belize. He already had an interest in Watford Leisure through his Fordwat investment vehicle, which had held a 6.5 per cent shareholding.
"This rights issue is an important milestone for Watford," Simpson, the club chairman, said. "It ensures ... we have the working capital to move forward."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments