Russo rejects Lord Ashcroft's proposal (From Watford Observer)
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Watford go closer to administration after former chairman Jimmy Russo rejected Lord Ashcroft's proposals
7:43pm Thursday 17th December 2009 in WFC in Crisis
Watford go closer to administration after former chairman Jimmy Russo rejected Lord Ashcroft's proposals
Watford took another step closer to administration after former chairman Jimmy Russo rejected Lord Michael Ashcroft’s proposal to generate £7.5m through a rights issue.
Today the Watford board accepted Lord Ashcroft’s 11th-hour proposal to underwrite a £7.5m share issue in the hope of staving off administration after Russo demanded the £4.88m he loaned the club be returned by 1pm this afternoon.
Russo will release a statement either this evening or tomorrow morning explaining his reasons for rejecting Lord Ashcroft’s proposal.
In an interview this afternoon chief executive Julian Winter claimed everyone involved with the club should be “ecstatic” by the offer from the Conservative party’s deputy chairman.
However, Russo is sure to point out in his statement that although the rights issue would provide the money to pay off Valley Grown Salads’ £4.88m loan, he and his brother could lose millions of pounds as their shares value would go down if Lord Ashcroft’s proposals went ahead.
Comments(41)
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Johnjones59
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7:47pm Thu 17 Dec 09
swedish_hornet
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7:48pm Thu 17 Dec 09
WFC4ever
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7:48pm Thu 17 Dec 09
Just feel sorry for Malky and the players (ok some mgiht actually get a move out of this mess)
Makes losing that game on Saturday even more annoying.
20 points plus a win at Peterborough would be pretty good still and maybe this is a chance for somebody fresh without any big egos or personal clashes to come and help us out.
What happens to the ground now then and do the Russos still want to takeover?
duckfan10
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7:50pm Thu 17 Dec 09
Grinns
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7:51pm Thu 17 Dec 09
Billie
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7:53pm Thu 17 Dec 09
Berks Horn
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7:53pm Thu 17 Dec 09
herts hornet
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7:59pm Thu 17 Dec 09
On the Ball
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7:59pm Thu 17 Dec 09
N Joydegame
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8:00pm Thu 17 Dec 09
The point about this is that J & V already have their loans covered by taking a charge over the ground. To accept the offer will mean the value of their share holding reduces so they end up losing money, and the winner is Ashcroft. So why accept? They might as well lose out with administration. They'll probably end up no better off.
This is still a game of poker and the stakes have just been raised yet again. In a weird sort of way this is quite exciting, its like watching David Haye take on that Russian Valuev.
The club is not going into administration (yet?) there's a few more twists to come....watch this space, I am and haven't done any work since Tuesday.
BoldenGoys
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8:00pm Thu 17 Dec 09
swedish_hornet
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8:01pm Thu 17 Dec 09
Derek Payne
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8:04pm Thu 17 Dec 09
BoldenGoys wrote:How can you not blame him?
I don't blame Jimmy. It's totally gutting, but he stands to lose a hell of a lot more than each of us.
He's been offered his money back, and has decided not to take the offer like some petty school boy.
How dare this CHELSEA supporter treat our club so badly, after so many months of harping on about having the club's interests at heart.
At least we now have someone else to loathe now Rodgers is temporaril out of football
V.o.R
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8:04pm Thu 17 Dec 09
Billie wrote:Billie old fruit.......
Fordwat didn't even give Jim the courtesy of a response to their proposals by all accounts. That was even worse and we should not forget that. majority shareholders control, majority shareholders to blame.
There was an offer on the table, whereby Jimmy Rsole would have had is money paid back in within a week ... in it's entirety!
JR is just playing with our club, do you think he's right in doing so . . . . Disregard other things.
Heard Graham Taylor talking about him, i've never heard him so angry and annoyed.......As we all are
BELGIAN HORNET
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8:05pm Thu 17 Dec 09
Wags it all about?
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8:05pm Thu 17 Dec 09
Now is too late for anything, end of - you need to get up to speed with what has actually HAPPENED this past year.
This saga has brought unnecessary media attention to our club, this sort of PR lives long in the memory.
For someone with ashcrofts alleged business 'success' this is a self created, humiliating debacle.
The 11th hour, 'do the right thing' unimaginative salvo from ashcroft is risable and sums up all that has been bad about WFC over the past few years.
WFC4ever
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8:06pm Thu 17 Dec 09
BoldenGoys wrote:Jimmy is going to be on Sky in a "few moments"...
I don't blame Jimmy. It's totally gutting, but he stands to lose a hell of a lot more than each of us.
duckfan10
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8:10pm Thu 17 Dec 09
N Joydegame wrote:With a rights issue, all shareholders may take up additional shares - if VGS does not want its holding diluted take up the shares as Ashcroft is doing - simple - use the loan repayment!!
JohnJones- whilst this is kicking off, the fans count for nothing. This is a fight between two rich brothers and a mega rich tycoon. Don't count Homer, he's just the playground sneek hiding behind Ashcroft The point about this is that J & V already have their loans covered by taking a charge over the ground. To accept the offer will mean the value of their share holding reduces so they end up losing money, and the winner is Ashcroft. So why accept? They might as well lose out with administration. They'll probably end up no better off. This is still a game of poker and the stakes have just been raised yet again. In a weird sort of way this is quite exciting, its like watching David Haye take on that Russian Valuev. The club is not going into administration (yet?) there's a few more twists to come....watch this space, I am and haven't done any work since Tuesday.
duckfan10
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8:15pm Thu 17 Dec 09
Wags it all about? wrote:Jimmy wants his money back - if he waits a few weeks he will get it. Don't blame Ashcroft - he is part of ther solution - Russo is the problem.
Those of you who are wrongly blaming Jimmy need to WISE UP - your anger is directed at someone who put a substantial share of his personal and business interests in to our club, more than can be said for ashcroft and simpson. Now is too late for anything, end of - you need to get up to speed with what has actually HAPPENED this past year. This saga has brought unnecessary media attention to our club, this sort of PR lives long in the memory. For someone with ashcrofts alleged business 'success' this is a self created, humiliating debacle. The 11th hour, 'do the right thing' unimaginative salvo from ashcroft is risable and sums up all that has been bad about WFC over the past few years.
dorphil
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8:16pm Thu 17 Dec 09
N Joydegame
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8:17pm Thu 17 Dec 09
WFC4ever
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8:17pm Thu 17 Dec 09
dorphil wrote:I think people would accept he has a right to get money back but its the timing and the fact we've had a offer which has been rejected.
Isn't it terrible our club being fought over by egotisical ****bags who have no thought for the staff,players and most of all us,the fans
Ofcourse Russo is a businessman and will look after his own interests/money first..as did Ashcroft and Simpson.
swedish_hornet
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8:20pm Thu 17 Dec 09
Wags it all about? wrote:Yes, I am starting to get fed up with only Russo having to explain himself. Why isn´t british media making Ashcroft talk? I want to know why he has not been intrested in a deal before!
Those of you who are wrongly blaming Jimmy need to WISE UP - your anger is directed at someone who put a substantial share of his personal and business interests in to our club, more than can be said for ashcroft and simpson. Now is too late for anything, end of - you need to get up to speed with what has actually HAPPENED this past year. This saga has brought unnecessary media attention to our club, this sort of PR lives long in the memory. For someone with ashcrofts alleged business 'success' this is a self created, humiliating debacle. The 11th hour, 'do the right thing' unimaginative salvo from ashcroft is risable and sums up all that has been bad about WFC over the past few years.
And I agree, this is exiting. I hope something comes up here that ruins Ashcrofts political career. Or something else reallt tasty...
CallowlandChris
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8:22pm Thu 17 Dec 09
duckfan10 wrote:They are all part of the problem. Ashcroft is a billionaire tax exile. If he cared anything for the club or the town he would spend a few mill of his own money on this. That's chicken feed to a man like him. This all stinks
Wags it all about? wrote: Those of you who are wrongly blaming Jimmy need to WISE UP - your anger is directed at someone who put a substantial share of his personal and business interests in to our club, more than can be said for ashcroft and simpson. Now is too late for anything, end of - you need to get up to speed with what has actually HAPPENED this past year. This saga has brought unnecessary media attention to our club, this sort of PR lives long in the memory. For someone with ashcrofts alleged business 'success' this is a self created, humiliating debacle. The 11th hour, 'do the right thing' unimaginative salvo from ashcroft is risable and sums up all that has been bad about WFC over the past few years.Jimmy wants his money back - if he waits a few weeks he will get it. Don't blame Ashcroft - he is part of ther solution - Russo is the problem.
duckfan10
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8:23pm Thu 17 Dec 09
N Joydegame wrote:Being underwritten only means that Fordwat will buy any shares not taken up in the offering - how is that "dissuading"? JR has been a minority shareholder and will still be a minority shareholder - in a democracy the majority rule - it's as simmple as that. If JR is as interested in the clubs well being as he says he is, he should take his loan repayment and keep the club solvent.
Duckfan 10- The rights issue has been set up to dissuade J & V from taking it up, and has been totally underwritten by Fordwat. You would have a case had there not been a poll vote at the AGM where the R's were being voted off the board. Whats the point of buying more shares when you can't get a seat on the board to protect your interests?
Derek Payne
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8:26pm Thu 17 Dec 09
But the Russos have been offered their money (which would be in their account within three weeks) and are choosing to put the club into administration anyway. I just do not understand why.
Jimmy and Vince have always come across so well, I just hope and pray that they are not just being malicious against the board because of their egos.
At the moment it seems very much like they are.
IF THIS IS THE CASE I WILL NEVER EAT A LETTUCE AGAIN
MIBSWE
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8:27pm Thu 17 Dec 09
BoldenGoys
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8:29pm Thu 17 Dec 09
Ashcroft has set Jimmy up to be the bad guy; that much is clear. And it looks like it has worked.
Billie
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8:32pm Thu 17 Dec 09
swedish_hornet wrote:Well said swedish. GT is someone who I admire massively. But this stuff is not his area of expertise. The more pressure placed publicly on the brothers, in a situation where they have been wronged, particularly with their ancestry, the less likely they are to give in. Good for them. These people are bullies. Look how they behaved towards dissenters like Kevin A, the WO and the old FD. We as Watford Supporters have always been known for decent values. This is what is at stake. Sorry Graham (T), not Sterry or Simpson...you have been placed in a terrible position. I say again, it was suggested at an AGM that there was evidence of share options, denied by Wilson. Was there or wasn't there.
Wags it all about? wrote: Those of you who are wrongly blaming Jimmy need to WISE UP - your anger is directed at someone who put a substantial share of his personal and business interests in to our club, more than can be said for ashcroft and simpson. Now is too late for anything, end of - you need to get up to speed with what has actually HAPPENED this past year. This saga has brought unnecessary media attention to our club, this sort of PR lives long in the memory. For someone with ashcrofts alleged business 'success' this is a self created, humiliating debacle. The 11th hour, 'do the right thing' unimaginative salvo from ashcroft is risable and sums up all that has been bad about WFC over the past few years.Yes, I am starting to get fed up with only Russo having to explain himself. Why isn´t british media making Ashcroft talk? I want to know why he has not been intrested in a deal before! And I agree, this is exiting. I hope something comes up here that ruins Ashcrofts political career. Or something else reallt tasty...
These people are back in control of our club. I do not accept that...never will.
Tainted_Chihuahua
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8:35pm Thu 17 Dec 09
These are grown up business people but they are squabbling like children.
This situation can be sorted and the Russo's can have their loan back if the just wait. These days' 5 million is not that larger amount and I'm confident it could be raise by the end of the season by the board and the fans.
Open Ya Mind
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8:38pm Thu 17 Dec 09
LETS TALK IN FACTS HERE.... JIMMY AND VINCE COME ON BOARD AFTER GIMPSON AND CASHTON DESTROY THE CLUB. THEY GRAB IT BY THE SCRUFF OF THE NECK, SORT IT ALL OUT AND HELP IT UP. THEY THEN RUN OUT OF SPARE CASH AND ASK FOR HELP FROM LORD A (AFTER ALL WHY WOULD BUY A MAJORITY STAKE IN A CLUB AND NOT DO ANYTHING WITH IT). LORD A THEN DECIDES NOT TO HELP, FOR WHATEVER REASON. RUSSO'S PUT TOGETHER A RESCUE PACKAGE AND IT IS REJECTED BUY THE BOARD I.E. JULIANNE W*NKER, STUART T ETC. NEXT MOVE IS TO BRING LORD A TO THE TABLE TO DISCUSS A DEAL. I, FOR ONE, DONT BLAME THE RUSSO'S AT ALL BECAUSE THEY HAVE BEEN KICKED IN THE TEETH TWICE ALREADY. I JUST HOPE THE TORY DOESNT GET HIS WAY.
I DONT AGREE THAT THIS IS OVER AND I ALSO DONT AGREE THAT IT IS OVER EGO'S, MORE PRINCIPLES.
WHY HAS NOBODY MOANED AT LORD A ABOUT ALL OF THIS WHEN HE COULD HAVE AVOIDED THE WHOLE SITUATION MONTHS AGO! UNLESS OF COURSE, HE HAS OTHER MOTIVES SUCH AS TAKING OVER THE GROUND TO AID HIS 'WEST WATFORD REDEVELOPMENT' SCHEME... JUST A THOUGHT.
I WONDER IF CERTAIN PEOPLE WOULD HAVE DONE THINGS DIFFERENTLY IF THEY COULD TURN BACK TIME. I WONDER WHO'S RUNNING ABOUT LIKE A HEADLESS CHICKEN RIGHT NOW, WINTER? WILSON? WHO KNOWS.
Wags it all about?
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8:46pm Thu 17 Dec 09
Glad their are other sound people like you our there that can think for themselves - scary thought
V.o.R
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9:19pm Thu 17 Dec 09
Utter numpty
Wags it all about?
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9:52pm Thu 17 Dec 09
When you have to respond so often to brain dead twerps like you it is not a surprise to make an occasional spelling mistake
if it makes you feel better you can have the last word, now go and find your dummy and get ready for bed
dorphil
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10:08pm Thu 17 Dec 09
Johnjones59
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11:11pm Thu 17 Dec 09
Holly68
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11:44pm Thu 17 Dec 09
Ashcroft is poison
Holly68
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11:44pm Thu 17 Dec 09
Ashcroft is poison
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