Watford chairman Graham Simpson has responded to a statement issued by Elton John by insisting that the future is 'rosy' at Vicarage Road.
Former Hornets chairman John voiced his concerns on Wednesday that the club were "heading for a catastrophe" but Simpson insists there is nothing to fear.
He told BBC Radio 5 Live: "I'm really sorry that Elton felt he couldn't pick up the phone and have a chat with me because I've got no idea where he's got this information from. He certainly hasn't got it from anybody in our club."
He added: "The only person I know he speaks to sometimes is our manager Aidy Boothroyd and I'll have to ask if he's had a chat with him. As far as we're concerned it's not the case.
"We had a punt to get back to the Premiership last year and we weren't successful.
"Like all clubs, parachute money isn't going to last forever, we've only got one more year left and we have to cut our costs accordingly and that's what we'll do.
"I've been here six years and when I joined we were on the point of administration.
"The club is in a great position now and the future's rosy. I want to make sure our club is in a good, safe position, even if we have to be prudent.
"If I could find somebody with more money in their pockets than I have I would be more than a delighted to stand down as chairman and make way for them."
Copyright (c) PA Sport 2008, All Rights Reserved.