Full year figures from Watford Leisure revealed just how significant relegation from the Premier League is for a football club. Even though the 1999/2000 season resulted in Watford's drop to Division One (after just one season in the top-flight) a £3.8m pre-tax profit was reported on £16.8m of revenue. Last year - after a mixed season in which the club finished tantalisingly close to making the promotion play-off's, but was dumped out of the FA Cup in the third round - turnover slumped to £10m and a loss of £5.4m was accrued. The club's chairman, Sir Elton John, attributed the gulf between the two sets of figures to the financial advantages afforded to those in the football elite, commenting that the drop in revenues was 'a result of reduced income from TV rights and lower gate receipts'. John is adamant that the club's ambitions remain unaltered, however, pointing to the signing of former Spurs players, Allan Nielsen and Espen Baardsen, and the appointment of former Chelsea boss Gianluca Vialli as manager. Watford currently lie 17th having won only three of its 10 games so far.