Elton will not bankroll Watford Football Club, even though they need to spend millions of pounds to survive in the Premiership Division next season, reported London's Evening Standard newspaper June 1, 1999.
Despite Monday's Wembley triumph, which equalled the club's achievement in the 1980s when manager Graham Taylor led Watford from the Fourth to the old First Division in six years, Elton was in fighting talk.
Elton said: "When I came back as chairman I made it clear it would not be a case of bottomless pockets. It has to be up to the club to raise the finances. We have to acquire many new players and improve our overall standard but Graham will be cautious because he knows we do not have the funds that other clubs have. We have to stay in the Premiership and try to establish ourselves. I know how difficult that will be but we already have a good collection of young players and they will give it their best shot."
Following Monday's evasiveness by Taylor to answer questions about funding in the Premiership, Taylor broke discretion, and told the newspaper the lack of spending power does not concern him, although taking the club into the Premiership will be worth around £12 million over the next three seasons.
Graham Taylor said: "Even if I was given £15 million to spend on players it still wouldn't be enough. Over the past 20 years Watford have developed an excellent youth system and if I were to go out and spend millions on players I would risk destroying that. In the next three years we are going to get the good part of £12 million, even if we get relegated. I
think that is money which should be spent on developing the club. If the directors want to go and spend it all on two or three players they can look for another manager," Taylor said.
Taylor went further in explaining how he plans to steward Watford Football Club's success, in a report published in London's Independent newspaper June 2, 1999.