Watford Leisure - the parent of Watford football club - says it continues to refine a proposal from Fordwat for a £7.5m underwritten fundraising.

Watford Leisure has granted the club's Vicarage Road Stadium as security for a loan from Fordwat.

The secured loan of approximately £4.99m - including accrued interest since 23 December - is repayable on demand and accrues interest at 4.5% above Barclays Bank's the base rate, except in default when the rate rises to base rate plus 7.5%.

The security is by way of a guarantee and debenture ranking behind the existing secured creditors.

Story provided by Business Financial Newswire