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Ashcroft comes to the table

Ashcroft comes to the table

A breakthrough at last in the future of Watford Football Club and one coming from the unlikliest of people.

Lord Michael Ashcroft has today had his £7.5million rights issue accepted by the Watford Leisure PLC board accepted.

£5million of that sum will be used to pay the Russo's the £4.8m they are owed whilst the remaining £2.5m will be put towards the £5.5m shortfall.

In the words of Cheif Exc. Julian Winter, 'The ball is now in Jimmy's court.' as Russo must drop his demands of instant repayment of the money Valley Grown Salads have leant Watford since the Spring.

If the proposal is not accepted by the former Chairman then the company would be placed in administration. The trading of shares remains suspended still.

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Writer:wfc123
Date:Thursday December 17 2009
Time: 3:26PM

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Comments

0
Will that be enough to keep the status quo?
Our Kids Dad
17/12/2009 15:47:00
0
We will still have to come up with another £3m off our own backs to see June 2010, but that could easily come from the sale of Scott Loach...
wfc123
17/12/2009 16:58:00
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