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Future of Watford FC still unclear as deadline looms

3:32pm Wednesday 16th December 2009 in WFC in Crisis Photograph of the Author By Frank Smith

The clock is ticking for Watford FC as the board has just a few hours to find a solution to their financial crisis.

There is no word from the Hornets’ hierarchy as of yet but the Watford Observer understands a general statement clarifying the club’s position may be released at some point this afternoon but there is no certainty.

Former Watford chairman Jimmy Russo stood down from the board at last night’s AGM, along with his brother Vince and business associate Robin Williams, and demanded the £4.88m his Valley Grown Salads company loaned the club be repaid in full “on or before close of business" today.

It is unclear what the board will decide to do as VGS have confirmed their offer to purchase the club is still on the table and it is believed Fordwat’s proposal is still on offer also, but that both are not deemed acceptable by the club’s hierarchy.

This morning it was announced the shares of the Hornets’ parent company Watford Leisure Plc had been suspended.

Click here to read this morning’s statement from Watford Leisure

Click here to read our detailed report from last night’s AGM

Comments(26)

HOOF says...
3:48pm Wed 16 Dec 09

Its all ok cos we're gonna merge with QPR.
Don't laugh!!!Its been reported on tv & radio that this COULD happen.

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imuz says...
4:00pm Wed 16 Dec 09

Behave......

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Grinns says...
4:07pm Wed 16 Dec 09

Talking out of your crack again Hoof!

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a1derek says...
4:13pm Wed 16 Dec 09

Thames Valley Royals Mk II - yeah right!

Come on everyone at the club, sort it out! Put your egos, prejudices and grudges aside and save the Football Club - please!

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Dr.Oftaw says...
4:15pm Wed 16 Dec 09

HOOF wrote:
Its all ok cos we're gonna merge with QPR. Don't laugh!!!Its been reported on tv & radio that this COULD happen.
Lol, it was also reported that elton suggests we be renamed watford queens, still at least would we keep helguson!

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Little Miss Hornet says...
4:19pm Wed 16 Dec 09

They need to put all their differences to one side and make a very quick decision on how their going to save Our club!!.

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badjer says...
4:38pm Wed 16 Dec 09

this doesn't feel real..waiting for some miracle to happen and quite frankly given the track record of the people involved, specifically Ashcroft and Simpson, this isn't going to happen..Malkay and all the players and coaching staff and people who work at the club don't deserve this, we the fans don't deserve this. Ashcroft is only interested in the west watford development, simpson hoped he could get rich from it too by giving a slice of the club to ashcroft..Russo's have been treated like mugs -thrown off the board, obviously got dirt on simpson and come back and done right by the club. As businessmen they've protected their £5m against our only asset the ground..clever really. But to lose everything over £5m which in football terms is peanuts is just heartbreaking..

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SouthOxheyHornet1 says...
4:45pm Wed 16 Dec 09

In Administration the Administrator is obliged to undertake a full investigation into the affairs of the Company prior to his appointment - if it does goe that far GS will get whats coming...

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Wags it all about? says...
4:50pm Wed 16 Dec 09

well said south oxhey hornet - professional neglect and misleading shareholders of a plc is not an endearing quality one would like to be associated with...

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a1derek says...
4:53pm Wed 16 Dec 09

A full investigation will probably reveal Boy Blunder's spectacular contribution to the mess as well!

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Mo Tulon says...
4:55pm Wed 16 Dec 09

A very sad day.

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badjer says...
5:01pm Wed 16 Dec 09

Anyone know what happens to the ground, who owns it in administration? can anyone buy it including the disgraced directors?

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kennychiwa says...
5:03pm Wed 16 Dec 09

Let's not forget that if irregularities are found the club would be more harshly punished by way of points deduction, fines etc not to mention the current board possibly being hauled up on criminal charges if they knowingly concealed information relating to illegal activities...

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bobadob says...
5:04pm Wed 16 Dec 09

It's great to see the Watford supporters trust being so vocal at yet another time of crisis! (seat-tree)

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enlightened one says...
5:10pm Wed 16 Dec 09

Is the Suporters Trust still in existence ? I thought they disappeared up The Silver Pox's arris.

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SouthOxheyHornet1 says...
5:12pm Wed 16 Dec 09

badjer wrote:
Anyone know what happens to the ground, who owns it in administration? can anyone buy it including the disgraced directors?
If the Administrator is appointed a moratorium is placed over the assets of the Company - so no creditor can remove any assets. It also protects the club against any Winding Up Petitions - no claims can be brought against the club during this time.

Firstly, Administrator would try to effect a sale of the club as a going concern - any potential realisation would b utilised to pay back the VGS loan - the residual balance would be used to pay any "prescribed part" creditors then following that unsecured creditors.

I calculate a bid in the region of £15m would see us through to the end of the season without having to realise any of our assets....

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Mick, Bray says...
5:12pm Wed 16 Dec 09

Simpson & Ashcroft are to blame for this sorry mess.SIMPSON HOLD YOUR HEAD IN SHAME! CALL YOURSELF A SUPPORTER.

Let's actually look at the facts and nothing else.

1) Who decided to give players unrealistic salaries-Simpson & Ashton!
2) Who paid over the top for JM & NE-Simpson & Ashton.
3) Who lied to fans when the stadium money was ring fenced-Simpson
4) Who said on Radio 5 (I heard it) that eveything was rosy in November 08-Simpson.
5) Who was forced to resign under a cloud one month later-Simpson.
6) Who has put no investment in since he wasted all WFC Prem cash-Simpson.
7) Who always kept fans in the dark & never told the truth of the their financial troubles-Simpson & Ashton

Does anybody believe anything SIMPSON says, I know i don't!!!

The man is a complete and utter disgrace for breaking up WFC. He should sell his shares at a discounted rate because of all the above!!!!


1) Who has been open and honest with fans-Russo Bros.
2) Who has invested in the club to stop it from going into administration in previous months-Russo Bros.
3) Who has successfully off loaded higher earners to reduce wage bill-Russo Bros.
4) Who achieved good sales figures for players and rodgers-Russo Bros.
5) Who is taking this club forward-Russo Bros.
6) Who saved club 300k compensation to Ashton-Russo Bros.
7) Who has a working plan to return WFC to profit-Russo Bros.

The best thing we can hope is that someone from outside takes sides with the RB and provides investment and kicks out Tory Boy & Gimpson.

What must Malky & the Players be thinking!

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badjer says...
5:21pm Wed 16 Dec 09

so could the Russo's back another bid to buy the club out of administration then? What I mean is does this nightmare scenario allow the Russo's to take Simpson and Ashcroft out of the equation so they are dealing with the administrators and then get the whole ownership of the club? or is that a straw being clutched... Simpso was a fan???!!..i've bloody met the man and he told me everything was fine..he's sold the club to housing developers...can't let this happen someone please win the lottery on friday.

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Billie says...
5:22pm Wed 16 Dec 09

I seem to recall the previous Finance Director wrote some letter that got him sued. Does anyone know the poor s*ds whereabouts as I suspect he sensed something like this was coming. As for the flak Kevin Affleck got...well he was so right.

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SouthOxheyHornet1 says...
5:29pm Wed 16 Dec 09

badjer wrote:
so could the Russo's back another bid to buy the club out of administration then? What I mean is does this nightmare scenario allow the Russo's to take Simpson and Ashcroft out of the equation so they are dealing with the administrators and then get the whole ownership of the club? or is that a straw being clutched... Simpso was a fan???!!..i've bloody met the man and he told me everything was fine..he's sold the club to housing developers...can't let this happen someone please win the lottery on friday.
I hope to win the lotto tonight!

Effectively, by buying a company in Administration the goodwill is lost. However, the board are better of accepting an offer pre-administration to avoid it happening to avoid the 10 point deduction.

Lets se what happens tomorrow in the AM...

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MrMfatic says...
5:36pm Wed 16 Dec 09

Sky Sports news say statement due imminently

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duckfan10 says...
5:37pm Wed 16 Dec 09

There can be no doubt that Simpson and Ashcroft are playing games. As the Russo's say -why do they have to support the club 100% when they only own 30%. As far as I can see JR and his brother have done a great job so far -lets hope the other owners come to their sense and let them continue.

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hardbeater says...
6:13pm Wed 16 Dec 09

If as I suspect Lord Non-Dom Ashcroft is behind this debacle Richard Harrington may as well quit as the Conservative candidate before the next General Election. Who the hell would vote for a Tory in Watford at the moment!

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Garston Tony says...
8:08pm Wed 16 Dec 09

Blimey, who would have thought the fate of the country at the next general election was balanced on what happens at Watford the next few hours or days. I blame Simpson more than Lord A, it was Simpson an alleged Watford fan who brought Lord A - who is nothing more than a business shark - to the club and it is Simpson who allowed the clubs future to be **** up a wall. God help the club if he does get back in control, I certainly would be up for some anti SImpson demonstrations outside the ground

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The Chef says...
9:12pm Thu 17 Dec 09

Wow. What a mess. I wouldn't be writing off the Russo's just yet - its not yet clear who is the villain of the peace (not really enough info from that being reported).
One thing is clear... the people in charge are not capable of discussing the issues like grown men and are having to resort to issuing statements. What a joke - grow up the lot of you.
I'm just glad GT is in the middle of it. If there’s someone not going to mince around, its GT. The man is an awesome example of integrity and honor.
.

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