18th December 2009, 01:27
|
#2 (permalink)
|
|
First Team Regular
Join Date: Jun 2008
Location: 西田麻衣の開裂. Being a nerd, geek and virgin
Posts: 14,591
|
Quote:
Watford bid to avoid administration suffers new setback
Former Watford chairman Jimmy Russo has said he will put the Championship club into administration after refusing to defer the repayment of his £4.88m loan.
The Hornets are trying to persuade Mr Russo to postpone his demand until they can put the finishing touches to a rescue deal they have been working on.
But Mr Russo, who resigned on Tuesday, has rejected that proposal and says he wants his money back immediately.
If Watford go into administration, the club faces a 10-point deduction.
That mandatory Football League penalty would leave the Hornets just above the relegation zone.
Former Watford manager Graham Taylor, who was on Wednesday appointed acting chairman, told BBC Radio 5 live he was "at a loss to understand" why Mr Russo was carrying out the administration threat.
"This decision has been taken by Jimmy to put the club into administration when it doesn't have to happen," said Mr Taylor, who is also a former England manager.
"It makes me very unhappy. Not just for myself, but for of all the supporters and the effect it will have on the club with the points deduction. It's almost as if (he is saying) unless I get my own way, I will put the club into administration.
"They will get their £4.8m back in about a month's time.
"We're asking them to defer their request for the money, but they are requesting it back now and if they don't get it back now they are saying the club will go into administration and that is extremely annoying and extremely disappointing.
"While Jimmy maintains his dogmatic approach there is little opportunity apart from to go into administration.
"I have spoken this evening to (former chairman) Elton John and he is dismayed when there is another way out.
"He is shocked by the approach taken by the Russos at this time."
Mr Russo responded to Mr Taylor's comments by insisting he had no desire to see the Hornets enter administration.
"I want us to sit around the table and come up with a sensible solution to take the club forward," he told Sky Sports News.
"It's not my priority to put the club into administration. It's not what I want to do.
"I would like the other party to come to the table and agree a sensible and balanced way forward so that everybody benefits."
'Superficial'
Mr Russo said the club's intended rescue deal - a planned £7.5m rights issue led by majority shareholder Lord Ashcroft's Fordwat company - was not viable.
He also said that his "significant and repeated" efforts to save Watford had been rebuffed by the club.
"The rights issue proposal, while it might superficially be attractive, does not bear close examination," said Mr Russo via his Valley Grown Salads (VGS) company.
"It gives Fordwat the opportunity to consolidate its control of the company without making an offer to other shareholders.
"In the circumstances, VGS has rejected the proposal, has announced its intention to appoint an administrator of the club."
|
Doesn't look good.
Disappointed and depressed Watford fans: Russo rejects proposal - WFC Forums
|
|
|
