Interview: Watford chairman Graham Simpson

By Chris Bevan

Chairman Simpson will not be reckless with Watford's budget

Watford's windfall following their return to the Premiership seems to be in safe hands.

The Hornets are an estimated �30m better off after Sunday's 3-0 victory over Leeds in the Championship play-off final.

And chairman Graham Simpson has big plans for the team he followed in his youth by hitchhiking around the country.

But he is also adamant he has learnt from the mistakes made immediately after Watford's last spell in the top flight in 1999-2000 that almost saw the club go under.

Simpson, a lifelong Hornets fan, could not contain his delight after his side's triumph at the Millennium Stadium.

He told BBC Sport: "I'm afraid I blubbed like a baby at the final whistle.

"I am ecstatic, although a bit emotionally drained.

"It means a lot to me, I'm a Watford supporter. Although my job is chairman, I've been a supporter of Watford since 1959.

"It's been a hard four years or so since I became chairman and right now I am just so pleased for everybody, especially the fans."

With Aidy's appointment we all felt as directors we were getting on the train to somewhere exciting Watford chairman Graham Simpson

Simpson's reign began in May 2002, in the aftermath of Gianluca Vialli's sole season as manager and with the club spiraling towards bankruptcy.

After his predecessor Elton John resigned, Vicarage Road was sold to keep the club afloat after the collapse of ITV Digital meant TV money Watford had already spent never arrived.

Simpson's first managerial appointment was Ray Lewington, who presided over two mid-table finishes before departing in March 2005 with the club struggling at the wrong end of the Championship.

Then came one of those decisions which turn out to either be moments of lunacy or genius.

To the disgust and bemusement of most Hornets fans, Simpson appointed little-known Leeds coach Aidy Boothroyd, then 34, to the Vicarage Road hot-seat.

Watford stayed up last season by just two points, yet 12 months later they are in the Premiership - success that even Simpson did not expect to arrive so quickly.

"I knew we had found a very good manager," he added. "But if I'm honest I didn't see this happening this year.

"With Aidy's appointment we all felt as directors we were getting on the train to somewhere exciting, but I don't think we expected it to be an express train.

"We only realised something special was happening as the season went on."

WATFORD'S WINDFALL �17m television revenue �8m tickets & hospitality �3m sponsorship earnings �1.5m extra advertising �1m merchandise

It is a far cry from the days immediately after Boothroyd's appointment, when Simpson needed an escort at home games, such was the ferocity of the opposition to Lewington's exit and Boothroyd's arrival.

WHERE IT WILL GO Promotion bonus payments Increased wages New signings Extending scouting network Developing stadium Investing in academy

"We had a fair bit of abuse," said Simpson. "But I can handle that - it was just about football. You have to have courage in your convictions and I am pleased I had that.

"We were all in it together and I am just proud of everybody. There is no point having negative feelings about those times.

"Everybody is entitled to their own point of view and I wish them well. So many fans have come up to me and shaken my hand and said 'actually, I got it wrong and I apologise'."

Even before promotion was secured, Watford had taken some giant steps forward to putting themselves back on a firm financial footing.

Lord Michael Ashcroft, deputy chairman of the Conservative party, purchased a 42% controlling stake in the club through his investment company Fordwat.

That money was used to pay off �4m of debts, including a �2m overdraft, and �1.5m that Simpson had loaned to the club.

Watford had to be careful after Vialli's lavish spending spree

Sir Elton also played a special concert last year that raised �1.3m towards the cost of buying back the freehold of Vicarage Road.

Simpson has been careful with his coppers - the club's wagebill of �3.5m this season was amongst the lowest in the division - and he points to the extravagent failure of the Vialli era as proof that being frugal is the way forward.

He said: "That time stands me in very good stead because although I wasn't chairman then I was director and I was very upset about what was happening to the club.

"I can assure everybody who is a Watford fan that we will not be going down that road again.

"We will spend our money very wisely. We will spend some on the academy, some on the players and some on our scouting network.

"We will develop our stand, and also make our club more of a Premiership club but we will leave a little money in the bank too so we are nice and secure."