Post by Golden_Boy™ on Mar 14, 2006 15:08:53 GMT -1
Is a tory...
Ashcroft increases shareholding
Billionaire peer Lord Michael Ashcroft is to become the new majority shareholder of Championship club Watford.
Lord Ashcroft - the deputy chairman of the Conservative Party - is to own up to 42% of the shares in Watford Leisure Plc as part of a rights issue designed to raise £6.2million for the Hertfordshire 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 insisted, however, that his investment does not herald the beginning of a takeover campaign. He said: "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."
Lord Ashcroft was a major donor to and Treasurer of the Tory Party from 1998 to 2001, under the leadership of William Hague. He has other business connections in Central American country Belize. Lord Ashcroft already had an interest in Watford Leisure through his Fordwat investment vehicle, which had held a 6.5% shareholding.
Ashcroft increases shareholding
Billionaire peer Lord Michael Ashcroft is to become the new majority shareholder of Championship club Watford.
Lord Ashcroft - the deputy chairman of the Conservative Party - is to own up to 42% of the shares in Watford Leisure Plc as part of a rights issue designed to raise £6.2million for the Hertfordshire 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 insisted, however, that his investment does not herald the beginning of a takeover campaign. He said: "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."
Lord Ashcroft was a major donor to and Treasurer of the Tory Party from 1998 to 2001, under the leadership of William Hague. He has other business connections in Central American country Belize. Lord Ashcroft already had an interest in Watford Leisure through his Fordwat investment vehicle, which had held a 6.5% shareholding.
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