Elton John became Watford chairman in 1976

Money from Elton John's concert at Watford will be used to bring in new players, says chief executive officer Julian Winter.

The singer, who is the club's life-long president, is set to perform at Vicarage Road on Saturday.

Winter told BBC Three Counties Radio: "Our ability to trade in the market for players without this support from Elton would have been difficult.

"The profit made will allow us to fill a few holes we have in our squad."

We've just announced our bond placing and what that does is set the club up with a decent financial platform to move forward Julian Winter, Watford chief executive officer

Funds have been in short supply at Vicarage Road recently, with the club coming close to entering administration this season.

"That was an unfortunate situation that perhaps got greater headlines than it deserved," said Winter.

"The club is on a firm footing now. We've just announced our bond placing and what that does is set the club up with a decent financial platform to move forward."

The Hornets flirted with relegation during the latter part of last season, but a 3-0 home win against Reading in their penultimate game secured their Championship place.

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