Ex-Watford FC owner Laurence Bassini has lost his High Court battle with the club's former directors, the Russo brothers, who claimed they were owed more than £3.6million.
Mr Bassini has this morning been told he must pay back the two sums of £3.5million and £135,000.
The Stanmore businessman also needs to pay the Russo brothers £568,000 in interest and £266,000 in costs.
Mr Bassini's freezing injunction on his assets has been extended and he has been told he will not be allowed to appeal the decision.
More to follow.