September 3 – Premier League Watford’s Italian owner Gino Pozzo (pictured) has reportedly turned down a £125 million offer for 37.5% of the club from US media investment company Pacific Media Holdings.
Pozzo, through Hornets Investment Ltd, had been in an exclusive period of negotiation with Pacific but that exclusivity has now ended. The Pacific offer valued the club at £350 million, around about the figure Newcastle United owner Mike Ashley is looking for to sell.
Even so, it looks like big number for Watford despite their unbeaten Premier League opening this season. Watford won against Spurs at the weekend to leave them joint top of the Premier League table after four games. Similarly ranked teams in the past two years – Southampton and West Brom, for example – have sold for nearer the £220 million mark.
Pozzo, who bought the club for £500,000 six years ago plus a commitment to clear the club’s £10 million of debt, is turning down a significant gain, but doubts over Profilic’s ability to fund the acquisition are reportedly the reason for turning the deal down.
Under the terms of the deal Pozzo would have remained in overall charge while prolific would have had a seat on the board. Prolific’s main investments are in music and film. Watford has a long association with the entertainment business, having been owned in their glory years by Elton John in the 1980s.
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