Watford interim chairman Andy Wilson has admitted that the Hornets will be forced to sell players in January as he attempts to bring the club's finances back on track.
Wilson - who stepped into the role a fortnight ago after Graham Simpson's resignation - admitted that the club needed to cut the wage bill after last season's failed promotion bid.
He told the club's AGM: "Yes we will be a selling club in January as a stepping stone to reducing the wage bill. It is inevitable."
He added: "If you start, having gained promotion to the Premier League with a salary base of around £17 million, then you are going to have to find ways of bringing it back into line with your expected revenue, that is the transition the parachute payments allow you.
"I would say it is very easy for people to say 'we got nine and a bit million for Ashley Young, four and a bit million for Marlon King, two and a bit million for Danny Shittu' and then forget what we spent on X, Y and Z and they came in and didn't quite make the impact.
"The balances have to be taken into account."
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