Watford is trying to dig itself out of the big hole created by failing to get promotion to the Premiership last year. But the omens do not look good. Losses for the year to June spiralled from £5.4m to £7.2m because of the increased costs of recruiting Gianluca Vialli as manager and a host of top flight rejects to the playing staff. Cash is extremely tight and debts are close to £10m, and so it is imperative that the forthcoming equity fundraising exercise proves to be a success. To prevent the company from being put into administration, current directors and shareholders have agreed to inject a further £6.3m, and players have agreed to defer 12% of their wages until such time as they can be repaid. Supporters are going to be asked to cough up £3.2m. Avoid.