According to the AP, Lord Michael Ashcroft will become the majority shareholder of Watford soccer club's parent company.
Watford Leisure plc launched a stock issue to raise 6.2 million pounds, leaving Ashcroft with 42 per cent of the shares. He previously held an eight per cent stake.
"I have a track record of backing entrepreneurial businesses and helping the right kind of management teams realize their ambitions. Watford is a good business that is making steady and sure progress," he said Tuesday.
Ashcroft is a member of the House of Lords and deputy chairman of the Conservative Party.
"I am absolutely delighted that Lord Ashcroft has increased his investment in the club and I believe his backing will greatly enhance our ambitious plans," Watford chairman Graham Simpson said.
Watford - whose previous chairman was Sir Elton - is currently fourth in the Football League Championship . . . a division below the Premier League.
One player, a former Leeds midfielder, particularly hopes they reach the premiership.
Matthew Spring believes this could earn the squad a stay at Elton's Nice villa. Or it could persuade him to stage one of his famous parties in their honour.