Vital Football

Latest Watford FC News

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...




*Try Vital Mobile FOR FREE for the latest news, scores, fixtures and so much more*

Click here to join in the debate on the club forum.

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
Page 1/1
  1. 1

Login to post a comment

Recent Watford Articles

Audio - Flores Delighted With Palace Win

Head coach Quique Sanchez Flores was delighted to see Watford return to winning ways earlier today.

Stats: Palace v Watford

All the stats from Palace (1) vs (2) Watford, Selhurst Park, 13/2/16 Att: 24,564

Crystal Palace v Watford - Teamsheets!

Watford go to Selhurst Park as the visitors to Crystal Palace for the latest league match. This is a 3pm kick-off and the line ups have been confirmed.

Vital Pre-Match - Crystal Palace v Watford

Watford's impressive return to the topflight will see the us looking for a reaction to the defeat to title chasing Spurs a week ago ahead of the FA Cup tie with Leeds next weekend.

Archived Vital Watford Articles

Vital Watford articles from

Site Journalists

Harry Welch
Profile
KDCallanan
Profile
chrisgwfc
Profile
Colin Cowan
Profile
Alex Moore
Profile

Current Poll (see more polls)

Palace MotM
Suggested By: Site Staff
Gomes20%
Nyom0%
Prodl0%
Cathcart0%
Ake0%
Capoue0%
Watson0%
Behrami20%
Amrabat0%
Ighalo0%
Deeney60%
Sub - Abdi0%
Sub - Suarez0%
ScoopDragon Premier League Network Sites

League Table

# Team P W D L Pts. GD
1 Leicester City 25 15 8 2 53 20
2 Spurs 25 13 9 3 48 26
3 Arsenal 25 14 6 5 48 17
4 Man City 25 14 5 6 47 21
5 Man Utd 26 11 8 7 41 9
6 Southampton 26 11 7 8 40 10
7 West Ham 26 10 10 6 40 9
8 Watford 26 10 6 10 36 1
9 Stoke 26 10 6 10 36 -5
10 Everton 26 8 11 7 35 11
11 Liverpool 25 9 8 8 35 -4
12 Chelsea 26 8 9 9 33 2
13 Crystal Palace 26 9 5 12 32 -5
14 WBA 26 8 8 10 32 -8
15 AFC Bournemouth 26 7 7 12 28 -14
16 Swansea 26 6 9 11 27 -10
17 Norwich 26 6 6 14 24 -20
18 Newcastle 26 6 6 14 24 -22
19 Sunderland 26 6 5 15 23 -18
20 Aston Villa 25 3 7 15 16 -20
Latest F1 News
Latest Vital Boxing News

Watford Fixtures (view all)

Feb 13 2016 3:00PM : Crystal Palace (a)
Barclays Premier League
Feb 20 2016 3:00PM : Leeds United (H)
FA Cup
Feb 27 2016 3:00PM : AFC Bournemouth (H)
Barclays Premier League
Mar 2 2016 8:00PM : Manchester United (a)
Barclays Premier League
Mar 5 2016 5:30PM : Leicester City (H)
Barclays Premier League
Mar 12 2016 3:00PM : West Ham United (a)
Barclays Premier League

Recent Watford Results (view all)

Vital Members League Table

RankNamePoints
1.David Allen1