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Hornet's Saved!

Hornet's Saved!

Not a lot to say on this one really, but thankfully Watford will avoid administration.

It's taken long enough, but the petty arguements and point-scoring between parties have ceased long enough for Lord Michael Ashcroft to repay Jimmy Russo the £4.88m he lent Watford during his tenure as Chairman.

This agreement sees the Hornet's avoid the possibility of administration for now after Russo threatened to call in the administrators this morning. Watford do however need to find £5.5m to plug the shortfall gap between now and June next year.

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Writer:wfc123
Date:Friday December 18 2009
Time: 11:58PM

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Comments

0
At last we are saved - until May anyway. Now the ex chairman and Ashcroft have stopped fighting (and Jimmy has stopped using Sky Sports News to ge his way), maybe we can just get on with winning football matches - starting Saturday with a win at Peterborough (weather permitting).
LeeHH
19/12/2009 01:31:00
0
Russo did not get what he wanted. He actuallywanted to get the whole club on the cheap and lending the club the additional loans (secured against the ground) was part of the plan, he thought he was the only game in town and that Ashcroft would not respond and would accept his low-ball offer for the shares. His resignation and susbequent demands for immediate repayment were further crude actions designed to force home his position, believing there was no alternative to him, although this alienated the R's from the remainder of the board and they selected the better option. Thank god he failed as the R's clearly did not have sufficient funds to run a championship club, Lord A may have kept us waiting, but was clearly not prepared to get involved with the R's in anyway and having seen the way they behaved, I can't say I blame him. Finally, demanding an apology from Graham Taylor, that's really rich after all his antics. It is just pathetic and rather like a playground bully who has been found out by the bigger boys. A lucky escape.
RFB-gloryhornetboys
21/12/2009 14:31:00
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