UK time is: 18:53:36
Vital Login
Social Login

Choose your club

Other Sites

Network Navigation

Vital Partners

'If It's Football, It's Vital'

Russo's lend Watford ANOTHER 1m

Watford's dire financial situation looks to have finally reached breaking point today with Jimmy Russo lending Watford another 1m to cover costs until December 22nd.

After already bailing the Hornet's out on three seperate occasions with loans totalling 3.85m through the Russo's own Valley Grown Salads company and Jimmy Russo's own personal fortune.

A statement from Watford Leisure PLC can be found at Watford Observer Website

The gist of statement is that the Hornet's need to find further investment, and damn quick, else trading on shares will be suspended, whilst 'clarity' is sought with regards to the situation. Administration could well follow.

Furthermore it has been confirmed that at present, talks seeking further investment have been unsuccessful. IE. Michael Ashcroft has failed to put his hand in his pocket, again. Or words to that effect.

Watford now still need to find another 5.5million to cover the shortfall by June 2010. All we can suggest is that the Hornet's faithful start looking down the back of their sofa's for any loose change...




Use your social login to comment on front page articles. Login using you Facebook, Twitter, Google or LinkedIn accounts and have your say!



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

The Journalist

Writer: wfc123 Mail feedback, articles or suggestions

Date:Monday November 30 2009

Time: 2:19PM

Your Comments (oldest first)

Change to most recent first
The weirdest thing is that the Daily Mail reckon ADMINISTRATION would hamper the Hornets 'play off aspirations'...!!!!!! Let's get things straight if we go into administration we will be relegated and the hard work done by the boys so far will be wasted.
DrWatford
Report Abuse
30/11/2009 14:33:00

Bloody hell. Well done Simpson and co for this mess!! Oh well guess we'll be saying bye bye to a number of our better players. Also I think if you go into Admin all loan players return to their parent clubs. That will leave us WELL short.
goatswilly
Report Abuse
30/11/2009 14:37:00

This a very serious situation indeed; it could be a genuine plea for any existing shareholders or potential partners to come forward and help, however unless they are true fans with stacks of cash - eg Sir Elton - they may decide to wait as the cheapest way to buy a football club is from the administrator. Another possibility is the the Salad Bros are positioning themselves to delist the club from the AIM and could then - as the major creditors- emerge as the outright owners with the shares of the old company deemed worthless. In the meantime we are totally powerless and just have to get on with it and amass as many points as we possibly can and wait for the off-field game to be played out.
RFB-gloryhornetboys
Report Abuse
30/11/2009 16:15:00

I understand what you are saying RFB but i think that the R's would have to aquire a majority shareholding (96%) of the shares before they could delist. The club is in dire needs, if the club do go in to administration, Simpson and Ashton better hide or disapear for good.
ANDY710
Report Abuse
30/11/2009 17:28:00

One other thing, If the tickets for the Elton John Concert are selling well, why can't the money being generated from that be used to keep the club going? I know EJ wants the money to be used to buy players, but if the club goes bust, then we are not gonna need to worry about signing anyone.
ANDY710
Report Abuse
30/11/2009 17:33:00

We've got to sell the likes of Loach, Mariappa, DeMerit, Jenkins, Cowie and Graham, better to go down with a bunch of 17 year olds than go bust with an experienced team.
wfc123
Report Abuse
30/11/2009 22:29:00

I'm sure Elton would be consulted before we went into admin, although I'd think the money on it's own would be insufficient and would just be used to pay off creditors.....I also think the money may be ring-fenced until the concert actually takes place.. We'll just have to wait and see what happens... What's interesting now is that the Salad Bros have gone public before a January sell-off, unlike summer, so perhaps that is not their plan. Maybe I'm clutching at straws and I hope they're aren't! Come on you Golden Boys.
RFB-gloryhornetboys
Report Abuse
01/12/2009 17:45:00

The timming of this report just doesn't make sense, I think we all knew that some players were gonna be sold in jan.. but by making this statement does it not give other clubs the chance to come in and offer silly amounts of money for our players and thus losing them on the cheap? The R's have proved that they are not stupid, one wonders if they are trying to force the hand of others? Time will tell, i guess.
ANDY710
Report Abuse
02/12/2009 08:28:00

The more and more we keep borrowing the more we will have to pay back. there are interest fees and i believe the only option is to let scott loach go in january and get a fair amount of money for him
leeimp95
Report Abuse
02/12/2009 12:33:00

Interesting article http://fourfourtwo.com/blogs/upthefootballleaguewego/archive/2009/12/02/what-s-gone-wrong-at-watford.aspx
ANDY710
Report Abuse
02/12/2009 15:36:00

we can bank on you still being around for our FA Cup clash can't we?
merlin
Report Abuse
02/12/2009 19:23:00

The FFT article is a howler from the writer, a lot of mistakes, ie. missing out the 1999/00 PL season, the fact Nathan is on OUR wage bill not OURS and figures for players. Suggest you stick to Vital chaps! We wont disappear before January by the way Merlin! And Andy, it was only the other week the Russo's claimed we wouldn't have to sell in January unless it was an outstanding offer, think they may have to revise that if they want their dosh back anytime!
wfc123
Report Abuse
02/12/2009 22:53:00

The FFT article is complete garbage, so is best ignored. However Andy's right about the timing of the R's going public on this, it is very different to how they conducted themselves in the summer trading. So there is hope but we do have that AGM around the corner.,...I'm really not sure how this will play out and I can only pray that: the Salad Bros will not lead us into relegation; and will deliver us from the evil of administration. For thine is the kingdom of Vicarage Road, the power and the gloryhornetboys, for ever and ever. Amen. No Offence meant. Come On You Golden Boys!
RFB-gloryhornetboys
Report Abuse
03/12/2009 18:49:00

 

Have Your Say

Log in...
with your social network     OR     with your Vital account

Recent Watford Articles

Ikpeazu Returns Quickly From Crewe (Tuesday January 27 2015)

Ighalo Gets Four As Watford Come Back (Saturday January 24 2015)

Stats: Watford v Blackpool (Saturday January 24 2015)

PREVIEW: Watford v Blackpool (Saturday January 24 2015)

Opposing View: Blackpool (Saturday January 24 2015)

Ben Watson: Q&A with Vital Wigan (Friday January 23 2015)

Ikpeazu Set To Extend Crewe Stay (Wednesday January 21 2015)

Archived Watford Articles

List All Vital Watford Articles
Have your say
Click here to suggest an article
Click here to suggest a poll

Vital Members League (view all)

League Results (view all)

Latest Results
Watford 7 - 2 Blackpool
Watford 5 - 0 Charlton
Huddersfield 3 - 1 Watford
Cardiff 2 - 4 Watford
Watford 0 - 1 Wolves
Reading 0 - 1 Watford

League Table (view table)

Team P W D L GD Pts
2. Ipswich 27 14 8 5 19 50
3. Brentford 27 15 4 8 8 49
4. Derby County 26 14 6 6 23 48
5. Watford 27 14 5 8 25 47
6. Middlesbrough 26 13 8 5 23 47
7. Wolves 27 12 8 7 -2 44
8. Norwich 27 12 7 8 16 43

Breaking League News

Rothweel In, No O'Donnell
Blackpool : 27/01/2015 18:46:00
Brentford Keeping Tabs On Swindon Youngster
Brentford : 27/01/2015 18:45:00
Meet the Ref : Brighton and Hove Albion
Blackpool : 27/01/2015 18:41:00
Rothwell joins Blackpool
Blackpool : 27/01/2015 18:33:00
David Button: England's Number One?
Brentford : 27/01/2015 18:33:00

Current Site Poll (view all polls)

Who should come in for Angella against Wolves?
Suggested By:  Editor
Joel Ekstrand 13%
Tommie Hoban 71%
Lloyd Doyley 16%