Watford chairman Graham Taylor believes the club will be forced to sell more players in the summer in order to balance the books.
Mike Williamson, Tommy Smith, Tamas Priskin, Theo Robinson and Jobi McAnuff have all left the financially-stricken club over the past 12 months and Taylor has warned they may have to cash in on some of their remaining stars.
"It is most likely the club will continue to trade players in order to reduce our potential operating losses," said the former England manager.
Meanwhile, the Hornets have been named as Football Foundation Community club of the year at the Football League Awards, sharing the accolade with League One Southend.
Copyright (c) PA Sport 2009, All Rights Reserved.