ELTON John's Watford have been installed as the bookies' favourites for the Nationwide Division Two championship.

And Burnley - who lock horns with Watford at Vicarage Road on the opening day of the season - go in at 10-1 for the title alongside Lenny Lawrence's Luton Town and relegated Oldham Athletic.

The multi-millionaire rock star has promised general manager Graham Taylor a massive cash investment to bankroll Watford back into the First Division.

And bookmakers Corals, who released the odds today, are convinced Watford will be the team to set a furious pace supported by Elton's millions.

"It sounds like Watford will be going for it but we just might have something to say about that," promised Burnley chief Adrian Heath.

"The prices always get the fans talking but I remember Millwall being touted as favourites last season and they didn't even make the play-offs.

"The Second Division is probably going to be even more competitive than ever next season.

"But I am determined Burnley will make a big impression."

Trailing Burnley on 12-1 are Bristol City, managed by former Clarets number two John Ward.

And sharing the same price are big spenders Wigan Athletic, Division Three champions Fulham, Grimsby Town and Wembley play-off finalists Brentford.

Lancashire neighbours Blackpool are quoted at 14-1, with newly promoted Carlisle United and Londoners Millwall at 16.

Brian Flynn's Wrexham, who reached the quarter-finals of the FA Cup last season, are generously priced at 20-1, alongside Burnley's local rivals Preston North End.

Heath has dismissed speculation linking goalkeeper Marlon Beresford with a move to First Division Huddersfield Town.

He said: "I don't know where these rumours have come from but we are not going to sell Marlon."

Burnley Reserves have confirmed two pre-season fixtures. The Clarets are at Harrogate Town on August 4 and then face Accrington Stanley at the Crown Ground on August 6. Both games have 7.30 pm kick-offs.

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