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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...




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The Journalist

Writer: wfc123 Mail feedback, articles or suggestions

Date:Monday November 30 2009

Time: 2:19PM

Your Comments

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
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
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
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
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
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
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
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
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
Interesting article http://fourfourtwo.com/blogs/upthefootballleaguewego/archive/2009/12/02/what-s-gone-wrong-at-watford.aspx
ANDY710
we can bank on you still being around for our FA Cup clash can't we?
merlin
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
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
 

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