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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...

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

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

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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.
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.
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.
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.
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.
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.
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.
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.
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
02/12/2009 12:33:00
Interesting article
02/12/2009 15:36:00
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