Watford chairman Graham Simpson insists that the club have learned from their financial mistakes of the past and have been "very prudent."Failure to win promotion back to the Premier League this season has cost the club millions but Simpson has calmed fears that further players will follow record signing Nathan Ellington out of the door this summer.

He told the Watford Observer: "We have been very, very sensible here.

"We have been very prudent. As a a comparison, six or seven years ago under Gianluca Vialli we had players on massive contracts.

"We had Ramon Vega on a £1million a year for three years, we had Allan Neilsen whose final year was worth £950k and we had other big earners like Stephen Hughes and Stephen Glass.

"We don't have that at Watford anymore."

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