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Hornets saved from Administration THREE times

Hornets saved from Administration THREE times

The true depth of Watford's financial situation was finally revealed at last Thursday's 'Fans Forum'. And believe me, it aint pretty.

Hornet's supremo, Jimmy Russo, and his Salad-loving brother-cum-vice-Chair, Vince have pumped in a whopping £3.7million of their own hard-earned dough since taking over in March.

The little Italian duo have pumped in that incredible sum to help the financially beleagured Hornet's avoid administration THREE TIMES.

"The reality is and there is no spin, the facts are both my brother and myself, since January, have put £3.7m back into this club to keep it going.

"On three occasions we could have gone into administration. On three occasions, not just once. And I keep putting the money in, so I put my money where my mouth is.

"Do I want to do it? Not really. I would like other people to be doing it who have gone now.
Confirmed Russo.

The Hornet head honcho also revealed the club has a shortfall of the odd eight and a half million which in reality is £12.5million when you include money made up from 'projected' player sales. The sales of Mike Williamson, Tommy Smith, Jobi McAnuff, Lee Williamson and Tamas Priskin will net the Hornets £7.5million when all is said an done, but it doesn't all come up front.

["Julian replied to me], 'even with player trading built in around £4m, we still have a shortfall of £8.5m'.

"What does that shortfall mean? It means we need £8.5m more to see to June 2010. That is what it means at the moment.

"The reality is we have sold some players and we are also trying to reduce the wage bill. What we have inherited is an extremely high wage bill and that is part of the process we have just gone through.'


Russo also went on to confirm he would be meeeting with Billionaire MP, Lord Ashcroft in the coming month to discuss the Hornet's finances and presumably, presumably find out if the stingy old git will pump any money into the club any time soon, or whether or not he's just waiting for a profit on his shareholdings...


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Writer:wfc123
Date:Monday September 14 2009
Time: 10:20PM

Comments

0
Incredible but obviously true, so many thanks to the Russo Bros. However, I would love to see a straight forward summary of income and expenditure over the past 4 seasons to understand exactly where all the money went. Heh ho, Come on you Golden Boys tomorrow night!
RFB-gloryhornetboys
14/09/2009 23:06:00
0
Bit late with this story aint ya!
goatswilly
15/09/2009 08:07:00
0
Yeah, one I just never got around to doing.
wfc123
15/09/2009 08:13:00
0
Simpson has a lot to answer for... he may have saved us from going down the pan once, but he and ashton have made a real mess of things. like you RFB i would like to see where all the money has gone, when you consider payments from the premier league, transfers for player going back 4 years, money from selling the ground. i can not see how this money has gone on players & players wages, i have long advocated an enquiry to see if anything crimminal has taken place.
ANDY710
15/09/2009 11:44:00
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