Vital Football

Latest Watford FC News

Russo's lend Watford ANOTHER £1m

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...

Win FREE pizza with Vital Football!
Select your team and get 50% off if they score twice.
www.papajohns.co.uk/football



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

Writer:wfc123
Date:Monday November 30 2009
Time: 2:19PM

Best of Vital Network

Comments

0
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
30/11/2009 14:33:00
0
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
30/11/2009 14:37:00
0
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
30/11/2009 16:15:00
0
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
30/11/2009 17:28:00
0
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
30/11/2009 17:33:00
0
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
30/11/2009 22:29:00
0
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
01/12/2009 17:45:00
0
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
02/12/2009 08:28:00
0
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
02/12/2009 12:33:00
0
Interesting article http://fourfourtwo.com/blogs/upthefootballleaguewego/archive/2009/12/02/what-s-gone-wrong-at-watford.aspx
ANDY710
02/12/2009 15:36:00
Page 1/2
  1. 1
  2. 2

Login to post a comment

Recent Watford Articles

Porto Expected To Complete Layun Move

It's being reported that Porto are in the final stages of turning fullback Miguel Layun's loan spell into a permanent one this summer.

Chelsea Loanee Ake Reflects On Watford Spell

Ake's final appearance for Watford came in a two-two draw with Sunderland, with the Chelsea defender ending with 28 appearances for the Hornets to his name in total.

When Does 2016/17 Start For Watford (23/5/16)

With the curtain fully drawn on the 2015/16 season and only the Championship Play Off Final to go to complete next year's top flight teams, here's when the new season...

Liverpool Signing Completed

Watford have now signed Liverpool teenager Jerome Sinclair.

Archived Vital Watford Articles

Vital Watford articles from

Site Journalists

Harry Welch
Editor email
Profile
KDCallanan
no email
Profile
chrisgwfc
no email
Profile
Colin Cowan
no email
Profile
Alex Moore
no email
Profile

Current Poll (see more polls)

Sunderland MotM
Suggested By: Site Staff
Gomes5%
Cathcart0%
Prodl1%
Britos0%
Ake4%
Abdi26%
Guedioura1%
Watson0%
Jurado2%
Ighalo1%
Deeney57%
Sub - Paredes0%
Sub - Suarez1%
Sub - Amrabat2%
ScoopDragon Premier League Network Sites

League Table

# Team P W D L Pts. GD
C Leicester City 38 23 12 3 81 32
2 Arsenal 38 20 11 7 71 29
3 Spurs 38 19 13 6 70 34
4 Man City 38 19 9 10 66 30
5 Man Utd 38 19 9 10 66 14
6 Southampton 38 18 9 11 63 18
7 West Ham 38 16 14 8 62 14
8 Liverpool 38 16 12 10 60 13
9 Stoke 38 14 9 15 51 -14
10 Chelsea 38 12 14 12 50 6
11 Everton 38 11 14 13 47 4
12 Swansea 38 12 11 15 47 -10
13 Watford 38 12 9 17 45 -10
14 WBA 38 10 13 15 43 -14
15 Crystal Palace 38 11 9 18 42 -12
16 AFC Bournemouth 38 11 9 18 42 -22
17 Sunderland 38 9 12 17 39 -14
R Newcastle 38 9 10 19 37 -21
R Norwich 38 9 7 22 34 -28
R Aston Villa 38 3 8 27 17 -49
Latest F1 News
Latest Vital Boxing News

Recent Watford Results (view all)

Vital Members League Table

RankNamePoints
1.Kevwicks1