The digital equity offer launched by Watford in the summer ended in early December but we are still no nearer knowing if the club judged it a success or how the funds raised might be used.

The Watford Observer contacted the club for an update immediately after the offer closed but, with a further extension, waited until the new year before enquiring again.

A set of questions (see below) was submitted to Watford on January 10, and these were chased up yesterday (Wednesday January 15).

At that point, the Watford Observer offered the club a further chance to respond with the caveat that if nothing was forthcoming, a story would be written anyway for online and print purposes today (Thursday).

The following comment was received this morning.

A Watford FC club spokesperson said: “As has been stated at the recent fans Q&A and elsewhere, this is very much an institutional offering and not a retail offering.

“Institutional discussions are still ongoing and Republic hope to make an announcement on the success of these conversations in the coming weeks.”

Although a total of £17.5m-worth of shares were generally made available, the offering closed with Watford having raised £3,919,334 from a total of 3,125 investors.

As part of their pitch document, the Hornets stated that a portion of the sum raised would go towards “recruiting and training top players and coaching staff and developing the brand of the club”.

However, the January transfer window is half complete and there is yet to be any new signings, something head coach Tom Cleverley said “it doesn’t take a rocket science to see” are required.

Allied to that, the pitch document also went further, saying “Watford FC plans to continue investing across the squad and club infrastructure to attain promotion”.

That was back in the summer, since when Watford have spent the bulk of the season in and around the play-off positions.

The 1-1 draw at Cardiff on Tuesday sees them sitting eighth in the table, two points off the top six.

Cleverley has stressed that he needs reinforcements – he had hoped they would arrive before the trip to Wales but, with games away at Derby on Saturday and then home to Preston on Tuesday, the need becomes greater with each passing day.

The questions the Watford Observer asked the club were as follows:

• Does the £3.9m raised represent a success or a disappointment?

• There were just over 3,100 investors, were you expecting more?

• Are you able to share how many of the investors are ‘new’ to the club (ie, they’ve not owned shares before)?

• What percentage of the investors are from America? Overseas generally?

• The average investment is around £1,250. Is that what you were expecting?

• Were there any investors who spent particularly large amounts of money?

• Did anybody take up the Silver, Gold or Platinum packages?

• The pitch document stated that “The proceeds will be used to fund initiatives to improve the performance of the club’s teams, particularly its first team. Such initiatives would include recruiting and training top players and coaching staff and developing the brand of the club.” Will fans see this come to fruition in the January transfer window?

• The pitch document also stated “Watford FC plans to continue investing across the squad and club infrastructure to attain promotion and then to sustain that success through a continued presence in the Premier League. Thanks to the development of new young players and planned additions to the squad, the Club believes the team has the potential to gain promotion to the Premier League during the 2024/25 season.” With Tom Cleverley having steered the team to the edge of the play-off places having spent little more than £3m but recouped over £30m, does the share issue enable the club to continue to pursue those ambitions?

• Are there likely to be any further public share issues?

• Is the club still actively seeking new investment on a larger scale via individuals or groups?