No statement but deadline extended (From Watford Observer)
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No statement on Watford's financial position but money owed to Jimmy Russo not due until tomorrow
7:26pm Wednesday 16th December 2009 in WFC in Crisis
Watford are not expected to release a statement confirming their financial position tonight but the Watford Observer understands the deadline to repay former chairman Jimmy Russo the £4.88m he is owed has been extended until tomorrow lunch time.
This morning a statement from the Hornets’ parent company Watford Leisure Plc stated Russo had demanded the immediate repayment of the £4.88m he loaned the club “on or before close of business on 16 December 2009”.
But we understand the club now have until tomorrow afternoon before Russo’s company Valley Grown Salads will demand its money back.
Failure to pay the cash could result in the club going into administration.
Russo decided to recall the money after he, his brother Vince and business associate Robin Williams all resigned from the board at the Watford Leisure AGM last night.
The trio stepped down as they felt they had lost the support of some board members and were going to be ousted by major shareholders Lord Michael Ashcroft and Graham Simpson regardless.
Click here to read this morning’s statement from Watford Leisure
Click here to read our detailed report from last night’s AGM
Comments(38)
smeg
says...
7:37pm Wed 16 Dec 09
rhyse848
says...
7:43pm Wed 16 Dec 09
Speedydog
says...
7:56pm Wed 16 Dec 09
Hornet Cornet
says...
7:59pm Wed 16 Dec 09
I'm jabbering
palmeris60
says...
8:03pm Wed 16 Dec 09
Holly68
says...
8:06pm Wed 16 Dec 09
V.o.R
says...
8:13pm Wed 16 Dec 09
Holly68 wrote:Gasp !
I wouldnt totally trust Taylor either, at the end of the day everyone including him put their own interests first.
apatters
says...
8:24pm Wed 16 Dec 09
Holly68 wrote:Blasphemy
I wouldnt totally trust Taylor either, at the end of the day everyone including him put their own interests first.
dal8oy
says...
8:36pm Wed 16 Dec 09
Holly68 wrote:Stone him/her!!!
I wouldnt totally trust Taylor either, at the end of the day everyone including him put their own interests first.
There was only one Scully
says...
8:53pm Wed 16 Dec 09
He should do the honorable thing now and dissapear on one of his dodgy holidays he sells. A total disgrace!
WFC4ever
says...
9:00pm Wed 16 Dec 09
Richard - Come On You Golden Boys!
says...
9:02pm Wed 16 Dec 09
the main one
says...
9:02pm Wed 16 Dec 09
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The Russo's want to buy the club outright, surely that would include the stadium which the loan is secured on, thus wiping out the £4.88m debt. I'm sure WFC would rather attend matches at The Valley Grown Salads Stadium, rather than the club go into administration and maybe lose the use of the stadium.
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Money shouldn't be the issue here, survival is more important, if Ashcroft and Simpson can't see that then they are the disgrace to the club we all think they are.
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When the club has a buyer (the Russo's) surely it is more sensible to accept it, rather than having Ashcroft and Simpson holding out just for money.
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By the time tomorrow WFC could be in administration, yet it doesn't have to be!!!
rochdale away
says...
9:21pm Wed 16 Dec 09
n). read between the lines of what GT has said.....he didn't see this coming
Elswickhornet
says...
9:32pm Wed 16 Dec 09
palmeris60 wrote:What a great idea Palmeris60. Having supported Watford since the days of Mike Keen (RIP) I think a good dose of reality should be introduced at all football clubs, never mind just Watford. It really doesn't matter what division we play in, each one has it's tough games, good teams etc and it's the anticipaton of the match, the hero worshiping of good honest players and managers (GT) that matter. Players are paid a stupid amount of money and are putting the very clubs they play for at risk. All this baloney about a 'short carer' so they have to be paid well just doesn't wash, no-one has a job for life any more. I may be looking back with rose tinted glasses but lets have a bit of honesty and integrity back in the game.
Wouldn't it be great if we could just get a group of people together that could run the club according to its income. Just like most of us run our homes. If we have to drop down a division or two then sobeit. Get rid of all of the players that are on massive salaries. Introduce monthly meetings where balance sheet accounts are thoroughly examined. ( I'll do that! ) We're never really going to know whose been fleecing the club but what we have to ensure that its stops here. I think the only person that i'd currently trust is Graham Taylor. I'll be interested to hear what he says. In the meantime i'll put myself forward for the supporters when it comes to examing the balance sheets of the new set up!
Speedydog
says...
9:32pm Wed 16 Dec 09
Richard - Come On You Golden Boys! wrote:Yes but didn't he get a load of options, which he thought would make him a lot of dosh. Don't think a Tory does anything unless there is a buck to be made somewhere. When have you heard of him being a Watford fan before?
Sorry to spoil things with unnecessary facts, but Ashcroft actually underwrote the entire share issue - organised by Simpson in 2006 - at 20p share, which effectively refinanced the club. So he probably put up about £7million of his own money which is now worth zilch.
HOOF
says...
9:43pm Wed 16 Dec 09
Holly68 wrote:Yet more bull***t from Holly68!!!
I wouldnt totally trust Taylor either, at the end of the day everyone including him put their own interests first.
pfwhornets
says...
9:45pm Wed 16 Dec 09
Gusthehorn
says...
9:45pm Wed 16 Dec 09
Apparently the offer is still on the table from the Russos, I don't blame them steping down, they've had no support and are throwing their own money at a problem that's only going to get worse, its about time Ashcroft and Graham Simpson decided to step up or step away
Safe word - Bind Them
rochdale away
says...
9:47pm Wed 16 Dec 09
Derek Payne
says...
10:10pm Wed 16 Dec 09
Holly68 wrote:You muppet.
I wouldnt totally trust Taylor either, at the end of the day everyone including him put their own interests first.
Hornets number 12 fan
says...
11:18pm Wed 16 Dec 09
Holly68 wrote:This is the most ridiculous comment I have seen today! Graham Taylor has overseen the very best years of this club!! He could walk away tomorrow and enjoy his retirement he doesn't need this stress.
I wouldnt totally trust Taylor either, at the end of the day everyone including him put their own interests first.
IRF
says...
11:41pm Wed 16 Dec 09
derry pigweed
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11:51pm Wed 16 Dec 09
His interview on 3cr this morning was very apathetic and the trust in my opinion are about as useful as a Chocolate Teapot!!
Billie
says...
8:28am Thu 17 Dec 09
Richard - Come On You Golden Boys! wrote:At a hefty discount at the time, but a lot more than you would get now!
Sorry to spoil things with unnecessary facts, but Ashcroft actually underwrote the entire share issue - organised by Simpson in 2006 - at 20p share, which effectively refinanced the club. So he probably put up about £7million of his own money which is now worth zilch.
worthing_hornet
says...
8:32am Thu 17 Dec 09
sceptic
says...
8:59am Thu 17 Dec 09
If Russo shook hands with him I hope he counted how many fingers he had afterwards.
Chris the Vic
says...
9:16am Thu 17 Dec 09
Jimmy Russo has referred to a lack of board backing as one of the reasons he has gone.
It appears he put a plan to the board to buy the club and the board have not indicated support for or against. Why is that?
Ashcroft has sat on his hands and offerred nothing, Simpson has nothing to offer and the Russos have managed us well in the circumstances and put money in.
The board will have met often to discuss strategies and yet no non-exec has resigned or spoken out.
It makes GT's surprise at the AGm difficult to understand and his comments on administration rather odd. As if the Russos were the only plan available to go forward why wasnt it adopted by the directors as a whole.
Non execs these days have legal obligations and responsibilities, not that it was obvious under Homers reign.
Once the dust has settled I expect GT and his colleagues to explain their actions and reasons fully for their part in the occurrences over the last few months.
GT has always shown integrity and has bundles of common sense but today I wonder but hope i am wrong
tommy gunn
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10:01am Thu 17 Dec 09
bomber18
says...
10:19am Thu 17 Dec 09
Hornets number 12 fan wrote:But didn't GT retire a few years ago and in response to his good service as manager,the Labour Council granted him the freedom of the Borough.We all know what then happened.He scarpered to Aston Villa and took over as their manager.So much for retirement
Holly68 wrote: I wouldnt totally trust Taylor either, at the end of the day everyone including him put their own interests first.This is the most ridiculous comment I have seen today! Graham Taylor has overseen the very best years of this club!! He could walk away tomorrow and enjoy his retirement he doesn't need this stress.
d_ol
says...
10:29am Thu 17 Dec 09
I dont blame the Russos, for me they have a fair point when they get cheesed off at being then only ones to put money in, when dodgy Torrie Ashcroft just twiddles his thumbs.
I dot know what wil happen but MM has done a BRILLIANT job so far, and if we do get deducted points etc, continue to exist AND survive relegation then he needs the Freedom of the Town!
Anyway, back to my prayers......
Hexham Hornet
says...
11:03am Thu 17 Dec 09
If administrators come in, not only will we receive the 10 point deduction but we may well lose our sellable players, possibly at a reduced rate, thus ending up in a situation where we will not be strong enough to pull ourselves back up the table.
If the fans could form a Barcelona style consortium then would that work? Would it be better to just go into liqudation and cease trading, then start again as a new club? It is all very worrying.
We cannot expect Elton to step in, but he may be interested if the club was to start as a new company.
dawlishhornet
says...
12:08pm Thu 17 Dec 09
bomber18 wrote:GT has only the best interests of our club at heart. If you were offered a chance to see our your managerial career at a premiership club would you not take it?
Hornets number 12 fan wrote:But didn't GT retire a few years ago and in response to his good service as manager,the Labour Council granted him the freedom of the Borough.We all know what then happened.He scarpered to Aston Villa and took over as their manager.So much for retirement
Holly68 wrote: I wouldnt totally trust Taylor either, at the end of the day everyone including him put their own interests first.This is the most ridiculous comment I have seen today! Graham Taylor has overseen the very best years of this club!! He could walk away tomorrow and enjoy his retirement he doesn't need this stress.
Goldenboy1960
says...
12:24pm Thu 17 Dec 09
Holly68
says...
12:36pm Thu 17 Dec 09
I have supported this club for 40 years, I will remain anonomous so as not to compromise myself or others .....
Julian, Graham & Stuart have hardly been 'snow white' in all this, I reiterate that they are ALL protecting their OWN political interests, yes including GT....
If I get the chance to quiz any of those 3 I will put this directly to them !
No one cares more than me about Watford, all I do is report stories (some of which is rumour), that's why we all read these sites right ?????
Watford Supporters Trust - sorry but what a joke they are too !?
Holly68
says...
12:36pm Thu 17 Dec 09
I have supported this club for 40 years, I will remain anonomous so as not to compromise myself or others .....
Julian, Graham & Stuart have hardly been 'snow white' in all this, I reiterate that they are ALL protecting their OWN political interests, yes including GT....
If I get the chance to quiz any of those 3 I will put this directly to them !
No one cares more than me about Watford, all I do is report stories (some of which is rumour), that's why we all read these sites right ?????
Watford Supporters Trust - sorry but what a joke they are too !?
bomber18
says...
3:44pm Thu 17 Dec 09
dawlishhornet wrote:No!
bomber18 wrote:GT has only the best interests of our club at heart. If you were offered a chance to see our your managerial career at a premiership club would you not take it?Hornets number 12 fan wrote:But didn't GT retire a few years ago and in response to his good service as manager,the Labour Council granted him the freedom of the Borough.We all know what then happened.He scarpered to Aston Villa and took over as their manager.So much for retirementHolly68 wrote: I wouldnt totally trust Taylor either, at the end of the day everyone including him put their own interests first.This is the most ridiculous comment I have seen today! Graham Taylor has overseen the very best years of this club!! He could walk away tomorrow and enjoy his retirement he doesn't need this stress.
duckfan10 says...
7:31pm Wed 16 Dec 09