The turnover of our club is 4% of theirs - it is a totally unfair league Watford boss Adrian Boothroyd on the differences between his club and Manchester United

A 1-1 draw with Manchester City sent Watford back down to the Championship.

"There is absolutely no disgrace in a club the size of Watford being a yo-yo club, providing eventually you go upwards," Taylor told BBC Sport.

"They have two years of parachute money and if in that time they get promoted it is a very good achievement."

Former England manager Taylor enjoyed a total of 15 years over two spells at the Vicarage Road helm.

He took the Hornets from what was Division Four to the top tier during his first period in charge between 1977 and 1987, when the club also reached the FA Cup final and qualified for the Uefa Cup.

More recently he steered them back into the top flight when he returned in 1997, before a second parting of the ways in 2001.

"Watford, which is obviously close to my heart, is a town of 80,000 people and it has over-achieved and is above its natural level whenever it is in the Premiership," Taylor added.

"And it is very difficult for a club like that to come up to the Premiership and be able to sign the kind of players that guarantee survival."

The best players aren't going to come to a club like Watford even if they are in the Premiership Graham Taylor

Indeed, Taylor feels the writing was on the wall 12 months ago when Watford saw off Leeds in the play-off final to seal their return to the Premiership.

"Having got promotion via the play-offs myself with Watford I know they would have already been behind," he added.

"When they beat Leeds last May they were already three weeks behind their rivals in terms of bringing in new players.

"You can't go and buy players when other clubs are because you don't know whether you're going to win the play-off final or not.

"The reality is, and people don't like saying this, that on top of that the best players aren't going to come to a club like Watford even if they are in the Premiership.

"So they are left with bits and pieces and players you have to question as to why they are coming to the club. What are their reasons? If you're going to have a tough season will they be there for you?"

There is no question it has been a tough season.

606: DEBATE How will Watford fare in the Championship?

A home defeat to Manchester United in the last week of August saw Watford slip into the relegation zone for the first time.

But for one week they have stayed there ever since, and a heavy away loss at Old Trafford in the last week of January plunged them to bottom spot, where they remain today.

That 4-0 defeat at Manchester United led Hornets boss Adrian Boothroyd to describe the mismatch in boxing terms as "Muhammad Ali against Jimmy Krankie".

"I'm not going to sit here and criticise my players," he said at the time.

"For them to be here at this place is a credit if you consider where they have come from.

"Manchester United are a world-class team with world-class players and you have to bear in mind that the turnover of our club is 4% of theirs - it is a totally unfair league."

WATFORD IN THE PREMIERSHIP 1999/2000 (under Taylor) 38 games; 24 points W6; D6; L26; F35; A77 2006/07 (under Boothroyd) 35 games; 24 points (so far) W4; D12; L19; F26; A57

The lessons learned from matches like that will stand Watford in good stead and the ever-positive Boothroyd, who has impressed Taylor, is already eyeing an imminent return to the promised land of the Premiership.

And he is ready for the first challenge of ensuring his squad sticks together despite the drop.

"Nobody will leave that I don't want to leave, especially those that have done so well this year," he said as the spectre of relegation loomed ever larger in recent weeks.

"We have to keep going because there are a lot of things at stake for next season irrespective of the league.

"Players are playing for places, we'll look at what we're going to do next year, see what we've learned and use it to be stronger for the next Premiership season - whether that's next year, in two years or even three years."

Taylor applauds such a long-term perspective, which is in stark contrast to Gianluca Vialli's stint at Watford which almost crippled the club five years ago.

He refutes the charge the Hornets lacked ambition this season and insists there should be no "embarassment" at the club as they prepare for life in the Championship and their next assault on the Premiership.

"Having described the size of Watford, what is the disgrace?" he added.

"They came through the terrible financial situation in the Luca Vialli reign and I think it was ingrained in the club that that wouldn't happen again.

"They were not going to take risks, even in the Premiership, of putting their financial future at risk.

"Whether people agree with that or not, it is a responsible position to take with a club of that size."