Watford Supporters' Trust chairman gives his views on Watford FC crisis

11:19am Friday 18th December 2009 in News Photograph of the Author By Frank Smith, Deputy Group Sports Editor

Watford Supporters' Trust chairman Graham Sterry. Watford Supporters' Trust chairman Graham Sterry.

Following Tuesday's dramatic AGM, Watford Supporters' Trust chairman Graham Sterry released this statement on Thursday morning with his own views on the current situation:

'I attended the AGM of Watford Leisure etc in my capacity as Chairman of Watford Supporters Trust. Since the AGM, the Supporters Trust has not been able to meet to formulate its views and there will undoubtedly be differing views and interpretations of events – some informed by having been there and through experience. Some not.

My own interpretation of events is that the 3 directors representing the interests of Valley Grown Salads (Vince and Jimmy Russo and their nominee director Robin Williams) resigned because it was clear to them that they would inevitably be voted off the Board. A major shareholder had ensured that voting be on the basis of shareholdings of those voting. That is normal practice in a formal poll. Since the Russos between them own less than 30% of shares and the counter parties own in excess of 50% of shares, there could be only one result. The VGS directors resigned rather than be voted off the Board.

However, at the same time, they demanded the immediate repayment of loans made to the Club by VGS. That immediately would force the Club into administration since it would be unable to meet its commitments. Were that to happen, the Club would immediately be docked 10 points by the Football League.

Most of the clubs in the Championship have levels of indebtedness markedly greater than ours at Watford. In saying that, I am not making light of the loans that the Russo’s have had to make to Watford; nor of the efforts that they have made to make the Club successful. But I am astounded and disappointed that anyone with the best interests of the Club at heart would take such action. It is that single act of demanding immediate repayment of the loans that forces us into administration.

Jimmy Russo was understandably emotional when he resigned. He stated, quite rightly, that he had tried to keep the Club afloat since he had taken over as Chairman. During that time, the other major shareholders (Lord Ashcroft and Graham Simpson) had not invested any new money into the club. VGS had been forced to make loans to keep the Club going. The last £1million would have run out before Christmas. In previous statements Jimmy had stated that following that he would be forced to place the Club into administration unless the other major shareholders made money available. He told the meeting that despite his phone calls, Fordwat representatives had not spoken to him. He further stated that they, VGS, had the funds and would invest, but only if VGS could acquire the Club from Lord Ashcroft and Simpson, on their terms. VGS had made a proposal to acquire their interest, but had had no response at all.

During the course of the continued AGM, and after the VGS directors had all left the meeting, it was made clear that proposals had been received by VGS and also proposals presented by Lord Ashcroft and Simpson. The Board had resolved that both of these proposals would be evaluated urgently by a sub-group of the Board comprising the independent directors, including Stuart Timperley and Graham Taylor. That evaluation was incomplete. It was obvious that the independent directors were frustrated that VGS directors had resigned and pulled the administration trigger before the independent directors had been allowed to complete evaluation.

That makes it very clear that this is all about the outright ownership of the Club. We have two groups of people who have invested in the past – one for many years - both claiming to have the funds and, crucially, the desire to continue funding the Club. We should be comfortable but for their inability to work together. Instead we are being pitch forked into administration as a device to wrest control of the Club. The Supporters Trust can only regret and abhor such destructive behaviour. We should not be facing administration.

Just to finish off, with Graham Taylor as Acting-Chairman for the meeting, the AGM continued with voting on the Resolutions before the meeting. In particular these included the election or otherwise of the Board of Watford Leisure. Graham Taylor, Stuart Timperley, David Fransen and Julian Winter were re-elected. We shall continue to support them fully in their efforts for our Club. They are going to need it, and we need them to be successful.'

Comments(62)

Derek Payne says...
11:28am Fri 18 Dec 09

Sounds like a bunch of children squabbling over who's go it is on the Scallectrix.

The worrying thing is I can't see the fighting stopping once we're in administration.

Liquidation could happen if they don't sort their egos out and fast.

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GrahamTaylor says...
11:31am Fri 18 Dec 09

wat use has the trust been since it was formed?
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No one cares wat u think cos you are toothless at no point has the trust challanged any of of chairman about their intentions
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Perhaps if they did GIMPSON then we would not be in this mess

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south/west hornet says...
11:31am Fri 18 Dec 09

With you derek,how did we end up with aload of school kids running our club. This is not a good situation at all

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Holly68 says...
11:54am Fri 18 Dec 09

Sorry Mr Sterry, but WST has done very little in the past so I have no confidence in WST.

The Russo's are asking for Ashcroft to come to the table, you should be asking the question 'why not' ?

Jimmy has threatened Administration, but is yet to do this, it is a tactic to get Ashcroft to the table.... again I ask the question, 'why not'

finally, Julian Winter has been colluding with Ashcroft for the past month (for personal gain), of course he would recommend the Fordwat offer, he knows he is getting sacked if VGS win .... so hardly a balanced view

my final point 'why wont Ashcroft come to the table' ????

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Holly68 says...
11:57am Fri 18 Dec 09

The WATFORD INDEPENDANT SUPPORTERS CLUB ' WISC' would be asking these challenging questions !

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Lunadog says...
12:16pm Fri 18 Dec 09

What about the INDEPENDENT SUPPORTERS CLUB of WATFORD??!!??

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Only 2 Ross Jenkins says...
12:23pm Fri 18 Dec 09

Lunadog wrote:
What about the INDEPENDENT SUPPORTERS CLUB of WATFORD??!!??
fcuk off! Independent supports club of Watford - splitters!

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WFC & Proud says...
12:32pm Fri 18 Dec 09

Seems to me the only way to sort this out now is for someone to "blink" & compromise or another party turns-up with a bucket load of cash to buy our Club outright.
Given most of us fans - that includes the WST - don't have those funds, we're not able to influence what happens very much.
Guess we could not attend games, stop buying merchanside, etc but all that does ultimately is punish ourselves as well as Malky & the players when they're sold to balance books.
Anyone got any finger nails left I can chew on? Fingers & toes now bereft of them...

Sec phrase: fall-push. Anyone got rope-hang, yet?

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Graham Gimpson says...
12:41pm Fri 18 Dec 09

You are a joke, Sterry. I cannot believe you have been given any space to air the views of your pointless organisation. Where was the support of your member Steve Simmons, who first hinted at this mess? None whatsoever. You hung a thoroughly decent bloke out to dry. And this is the same organisation who gave Simpson a vote of confidence before the EGM when he fell on his sword. Unbelievable. Since replacing Harry Ramsden, Sterry has presided over the most unsavoury, wasteful and sorry period in the club's history. You are supposed to be protecting the club - not overseeing its demise. Hang your head in shame. You haven't got a clue what is going and never have

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Graham Gimpson says...
12:43pm Fri 18 Dec 09

And it is the wastefulness of your friends Ashton, Simpson and Boothroyd who have "forced us into administration" - not the Russos you clown

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Wags it all about? says...
12:57pm Fri 18 Dec 09

Graham Gimpson just hit the bulleye

Sterry you are a discredited embarasment to any genuine WFC supporter.

You are a joke beyond repair with ZERO credibility. You were so easily taken in by the former self serving and incompetent regime because they saw you coming a MILE OFF.

Do one decent thing under your disastrouis reign and RESIGN, I for one cannot take one word of your naive, out of touch drivel seriously.

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Chris the Vic says...
1:04pm Fri 18 Dec 09

interesting but nothing new.

If we go into admin it costs us 10 points and instability.

Fordwat and Russos will suffer and Homer will suffer even worse.

So no-one wins.

The Nomad, Taylor and Timperley need to earn their keep and a deal thrashed out.

I want the Russos to stay and Ashcroft to disappear. Unless Taylor knows different he should turn his attention on who has been of benefit to the club and leave others to evaluate the financial aspects. he might then wake up, see the light and realise who is better for the club

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Sir Les Taylor says...
1:04pm Fri 18 Dec 09

Mr Sterry, how dare you represent Watford Supporters in this way!! You should rename your waste of space group the WMT...... Watford Muppets Trust. I bet you still believe in Santa Claus?!

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jasonwatford says...
1:15pm Fri 18 Dec 09

It is the Russo that are forcing administration you plonker......Dont be fooled by these small men....They are no better than the dark lord himself........fcuk off Jimmy and Vince

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Derek Payne says...
1:19pm Fri 18 Dec 09

Will people stop saying "Ashcroft won't come to the table."

He has come to the table with a £7m plus offer, which would give the Russos their money back.

They are putting Watford into admin out of petty spite. I have been a massive supporter of them in the past, but feel disgusted by them now.

Shame on them.

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Sir Les Taylor says...
1:23pm Fri 18 Dec 09

jasonwatford wrote:
It is the Russo that are forcing administration you plonker......Dont be fooled by these small men....They are no better than the dark lord himself........fcuk off Jimmy and Vince
Oh dear, oh dear, oh dear. If it wasn't for JR, WFC would have been in administration by now! Also, what happens come June 2010, as that is when this current money on the table runs out. Russo all the way for me and countless others, so if admin is a by product, sobeit. The ball is back in Ashcoft's court, plain and simple!!

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Wags it all about? says...
1:25pm Fri 18 Dec 09

derek, clearly you have been ASLEEP this past year

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Scott Esher says...
1:28pm Fri 18 Dec 09

Surely it's not rocket science guys - JR loses out to the tune of a couple of million plus if he accepts Fordwat's proposal. Why would he do that? So don't go giving him a tough time just because he's not willing to take the kick in the nuts - would you?

I'm with Jimmy

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Derek Payne says...
1:33pm Fri 18 Dec 09

Wags it all about? wrote:
derek, clearly you have been ASLEEP this past year
Not at all. I hugely appreciate what Jimmy and Vince have done for this club.

But remember Simpson also once saved Watford from going under in some very dark times. He certainly is not above criticism now, so why should they be?

Frankly it is simple. The Russos either wait three weeks for their money back, or they put us into admin, they lose their cash, we lose our club.

There has to be another motive for putting us into admin, and I do not know what.

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Wags it all about? says...
1:33pm Fri 18 Dec 09

Well said Scott

And another thing Sterry, I see you have reverted to type and once more with ashcroft and simpson - DESPITE THE WELL DOCUMENTED DISGRACEFUL LEGACY OF THE FORMER REGIME.

What will it take for you to take your head out of your ****??

gSEE eeyo

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Scott Esher says...
1:40pm Fri 18 Dec 09

I'm not aware of what the WST has or hasn't done since it was put together, so I'm not in a position to criticise or otherwise. But surely now's the time for some action. Here's a starter for ten - If our 10,000 season ticket holders can put in an average of £500 each we can pay off JR. Then it's just a simple case of how the club is financed over the coming months (!). Retain GT as long-term interim Chairman, we get a real involvement in the club and we know our money's in safe hands with GT. Any thoughts? Mr. Sterry?

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rochdale away says...
1:44pm Fri 18 Dec 09

Wag, I doubt Derek or Jason have been asleep this last year. Try reading para 6 of the above article. So when russo says repeatedly he saved us from administration and didn't hear from fordwat, given the gun he's now holding to our head......I'm afraid I have to take it with a pinch of salt. This doesn't make me an ashton or simpson etc fan.........but by a country mile its the russos who are the ones setting the pace and the brinkmanship. It wouldn't seem so bad if we were adrift at the bottom, but with a faint sniff of promotion???

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Elton Bog says...
1:48pm Fri 18 Dec 09

Scott" Surely it's not rocket science guys - JR loses out to the tune of a couple of million plus if he accepts Fordwat's proposal

Care to explain how?

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Sir Les Taylor says...
2:02pm Fri 18 Dec 09

Ashcroft could always pay off JR NOW to avoid admin, but chooses another rights issue. The choice is Ashcroft's and ashcroft's alone. It's his call!

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Scott Esher says...
2:02pm Fri 18 Dec 09

Elton Bog, sure - JR currently has a number of shares in WFC. Under Fordwat's proposal, a number of new shares are issued, thereby diluting the value of the existing shares. So whereas at present JR owns (I think) 30% of the shares, that ratio would be diminished under the proposal and likewise the value of JR's holding. Have I explained or just confused?

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neilhorn says...
2:04pm Fri 18 Dec 09

good effort by those 'businesmen' running the club - going into administration due to a 4.88m debt? Thats a fraction of the debt of most clubs in the championship. We aren't 'cash-strapped' at all, this is ridiculous. For Christ-sake we made more than double that on Ashley Young. Loach and Demeritt sales in Jan would wipe that debt completely clean, and Russo knows it, so he has to force the issue now. Totally abhorrent behaviour. Why not simply say - 'ok i resign and i want my dough in jan or else'. So we sell another couple, pay him back and tell him to fukc off.
The reason is simple - he wants to won the club on the cheap to break it down piece by piece at his leisure

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Chris the Vic says...
2:08pm Fri 18 Dec 09

Ok for any idiots who havent understood why the Russos will lose out with the present bid

This is not a standard rights issue because it is underwritten by Fordwat who are a major shareholder.

Therefore when the shareholders decide on whether to invest more they will get new shares, but if they dont take up the issue then those shares go to Fordwat.

Therefore for example Homer is unlikely to take up his issue and therefore if for every old share you can buy a new one Fordwat will from that source alone buy a further c9% of the total taking their shares to almost 50%. By the time the issue is finished almost certainly they will also pick up Russo shares (it makes no sense for JRto buy the shares offerred)that werent subscribed to which will represent over 14% of the shares and they are likely to finish up with about 65% of the club and in total control. The russos will hold some 15% which they will find difficult or impossible to sell and will have their £2m investment in shares virtually neutered for ever and a day with no obvious exit. Those shares may then be valued at 500k if they are lucky...a big loss.

The Russos offerred to buy out the others but Fordwat havent done that, they are trying to gain control by the back door without triggering a full take over.

I hope that explains it in laymens terms. The only way for JR not to get turned over is to renegotiate the deal or put the company into Admin. the offer he made wouldnt have done that nor caused Fordwat to put us into Admin whereas Fordwats offer is cunning and almost gaurantees that some of you will see JR as the sinner when in truth he has been sinned against.

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Glasgow Hornet says...
2:08pm Fri 18 Dec 09

Lets not resort to name calling amongst ourselves. I'm no fan of Russos or Ashcroft - we do NOT need to go into administration unless they can't resolve their differences. These are the facts:
1. Russos want their money now and threaten administration if not.
2. They are unhappy about a dilution of their shares if the rights issue goes ahead. Well - sorry - they have no power to stop it going ahead - just like me or any other minority shareholder. This is a red herring - it will be the same for them whatever happens.
3. If someone paid them off now, they couldn't force us into administration.
4. Ashcroft could pay them off NOW and still only pay the £7.5m he has already committed to. (see my earlier posts)
So - IF we go into administration it is down to:
a) the Russos for wanting their money 3 weeks earlier than they would otherwise get it
b) Ashcroft for not paying his money (well £4.88m of it) 3 weeks earlier than he otherwise would.

So folks - boils down to 3 weeks with BOTH sides to blame.

FINAL POINT - I've seen a few having a go at GT. Totally unfair. He has been thrust into a position which he probably didn't want, but is there because he wants to do his best for the club. He is privy to far more information than any of us have. As a man of integrity he will support whatever solution is best for WFC even if its not perfect. His presence is the only factor that fills me with at least some confidence in all this. He may fail due to forces beyond his or our control, but he won't have failed on loyalty and integrity. Code word Fire-Rely

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neilhorn says...
2:13pm Fri 18 Dec 09

fact remains - we can pay this in Jan no problem by selling 2 players, then all this would go away. So why won't that fat liar Russo wait?

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Only 2 Ross Jenkins says...
2:18pm Fri 18 Dec 09

There seem to be many misguided posts on here.
A few observations and points that I hope people will read and understand.
1. The Russo's want to discuss properly how the club is financed and have done for months, whereas Fordwat have been conspicuous in their non-communication.
2. Under Fordwat proposals, yes the Russo's would get their loan back, BUT would still lose something to the tune of £2m due to the way Fordwat have structured their proposal. This is the Russo's problem.
3. The way out of this is for The Russos and Fordwat, Simpson et al, to discuss, sensibly, how to finance the club going forward. See point one above.
4. The Russo's are not doing this to see the club goes into administration. They are doing it so the club is managed properly and therefore does NOT go into administration.
6. Finally, it's not in anyone's interest to let the club go into administration, clearly. Reputations are at stake and no one needs the hassle of 15,000 football fans wanting to burn your house down. That is why it will get resolved.

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Richard - Come On You Golden Boys! says...
2:26pm Fri 18 Dec 09

WFC should not allow Russo to force us into Admin, but surely we can organise short term funding that will be underwritten by the Rights issue and guaranteed by Ashcroft.

Also to those people who think the Russos will lose money because their shares will be diluted (if they don't subscribe to the share issue), that is complete nonsense as their shares will be almost worthless if we go into admin. Which is much, much more damaging to the club than a 10 pt deduction. (loanees back, best players sold cheaply etc). All the Russos appear to want is total control of our club, their action in continuing to loan money to the club over the past 6 months, now appears to have been calculated purely to gain a position of strength. Now they are out for revenge and are showing their true colours. Please don't be taken in so easily, they are small-minded, spiteful and dangerous individuals and no way should we want them to have control of our club. It's as clear as the mud on our pitch.

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Scott Esher says...
2:30pm Fri 18 Dec 09

I don't doubt that JR's shares would be worthless if we go in to Administration. That doesn't make Fordwat's proposal any the more attractive as far as I'm concerned. Ashcroft seems to be happy to have let JR take all the risk and is now happy to do his legs. I'm flagging that offside by a mile.

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Only 2 Ross Jenkins says...
2:30pm Fri 18 Dec 09

And another thing. Just because Graham Taylor sides with Fordwat, doesn't necessarily make him correct. GT has said, on more than one occasion, that finance is not his strength. I am sure that if GT looked under the skin of the Fordwat proposal, he might change his mind.

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Garston Tony says...
2:32pm Fri 18 Dec 09

I agree totally with Only 2 Ross Jenkins, the Russo's are being portrayed as villains but all they have done this week is a direct consequence of what Lord A and Simpson have, or it could be argued, not done. It is those two who are the real villains leading the club to the brink of disaster and trying to shaft the Russo's who have gone to great lengths this last year to keep the club going. If it was what they wanted the Russos could have allowed the club to go into administration before this and been less exposed to risk but they have continued to support it financially and tried to keep the team competative at the same time and are quite rightly fed up of being treated like dirt by the main shareholders.

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Garston Tony says...
2:37pm Fri 18 Dec 09

On the subject of GT he is quite rightly annoyed at what has and is happening and his statements just show how much he cares for the club. He, like all us supporters, are frustrated and angry at seeing the club being treated the way it is but his anger should equally be directed at Lord A and Simpson. He is and always will be a legend to me but his anger at the Russo's should be balanced by a statement showing frustration at the lack of support Lord A and Simpson have given the club this past year and for getting it into a financial mess in the first place.

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Wags it all about? says...
2:52pm Fri 18 Dec 09

Rochdale, neilhorn and pathetic richard from farnham and others that STILL don't get it.

Read chris the vic's post and then read it again and again if necessary until you realise the Russo's are NOT the villains.

Even when you eventually wake up, blaming one side or another will not RESOLVE the current impass.

It will take ACTION from the key shareholders - in my view, ashcroft's reputation is fundamentally damaged concerning this episode. Not only did he stand by idle for a year but SANCTIONED the russo's taking a charge on the freehold to secure their loan.

This is an ashcroft self created and humiliating debacle and despite the resouces at his disposal and PR bluster, he will be seen in time as the LOSER.

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GrahamTaylor says...
3:05pm Fri 18 Dec 09

There are three sides to every story!
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The Russos could covert there loan stock to shares and obtain a 60% controlling interest int he club.
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Cashcroft has told them to put up or shut up basically. The choice is theirs.

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GrahamTaylor says...
3:09pm Fri 18 Dec 09

The trust have never done anything usefull they have sucked up to everyboard member from day one in an atempt to gain a seat on the board.
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All they have done sucessfully is squander the subs on worthless shares
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Whatever credability they had was lost long ago

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mikee83 says...
3:42pm Fri 18 Dec 09

Lets be clear this is all about money
In the end ashcroft does not want to loose his initial investment and the russo's dont want to loose theirs on top of their £4.8m worth of loans which they should have never lent the club in the first place .To be honest admin would be the best thing .russo would then buy the club back from the receivers for nothing and at least we would have one committed and business like owner who wants to run the club in a tight no loss way .I cannot see why proffessional directors cannot run a business like a football club in a way where they do not loose lots of money before they even kick a ball it is mad .There are still too many players on the books with too high wages and also too many hanger-ons .Manager ,asst manager ,coaches for this that and another ,reserve team managers youth staff etc etc just not required any more .To top it all they have a 'chief executive 'on a packet too >I would have one manager and an asst plus one coach to do the lot and only 24 players on salary plus lots of youth on very little more than a 'hope ' of making it .
Anyway lets get it over with ,go back to twenty points (we were never going to the play-offs anyway )stay up and look forward to a properly run club next year .
jimmy if you want me to run the admin part time I would do it for free .

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duckfan10 says...
3:43pm Fri 18 Dec 09

Garston Tony wrote:
I agree totally with Only 2 Ross Jenkins, the Russo's are being portrayed as villains but all they have done this week is a direct consequence of what Lord A and Simpson have, or it could be argued, not done. It is those two who are the real villains leading the club to the brink of disaster and trying to shaft the Russo's who have gone to great lengths this last year to keep the club going. If it was what they wanted the Russos could have allowed the club to go into administration before this and been less exposed to risk but they have continued to support it financially and tried to keep the team competative at the same time and are quite rightly fed up of being treated like dirt by the main shareholders.
JR and the Salads are threatening to put the club into administration. Fact. Ashcroft is willing to invest 7.5 million. Fact. Who are the villians.

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paulrose says...
3:55pm Fri 18 Dec 09

Firstly, what happened to the £50M+ that passed through Watford FC in the last 5 years when Simpson was at the helm? This includes parachute payments and massive gains in the transfer market.

Secondly, the Russo brothers took Watford FC over when it was about to go bust anyway, as there were no sign of cash injections then by the former Chairman or Ashcroft. So don't knock them now.

Thirdly, where is our Life President in our hour of need? Come on Elton now is the time Graham and the fans really need you to bail us out from this situation.

If not pehaps Watford FC would be a snip for a rich overseas investor, given our league position, yound squad, good manager. With a little more investment we might make the play offs and be in the Premiership next season rather than Division 2 within 18 months which looks a strong possibility at present!

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Only 2 Ross Jenkins says...
3:56pm Fri 18 Dec 09

duckfan10 wrote:
Garston Tony wrote: I agree totally with Only 2 Ross Jenkins, the Russo's are being portrayed as villains but all they have done this week is a direct consequence of what Lord A and Simpson have, or it could be argued, not done. It is those two who are the real villains leading the club to the brink of disaster and trying to shaft the Russo's who have gone to great lengths this last year to keep the club going. If it was what they wanted the Russos could have allowed the club to go into administration before this and been less exposed to risk but they have continued to support it financially and tried to keep the team competative at the same time and are quite rightly fed up of being treated like dirt by the main shareholders.
JR and the Salads are threatening to put the club into administration. Fact. Ashcroft is willing to invest 7.5 million. Fact. Who are the villians.
It's a tad more complicated than that I'm afraid.
Taken out of context, then the Russos are the villains, but in the context of this whole nightmare? It all points back to Simson and Ashcroft I'm afraid.

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Prof Plum says...
3:59pm Fri 18 Dec 09

Could the supporters trust raise some funds by selling shares in Graham Sterry's pullover?

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Sir Les Taylor says...
4:00pm Fri 18 Dec 09

Duckfan 10 and others - You have been blinded by the short term money and fail to see the bigger picture. Also, what happens past June 2010 if Ashcroft / Simpson remain, given that they have let this situation come to a head!!

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rochdale away says...
4:05pm Fri 18 Dec 09

wags, 2 ross etc, not for 1 minute am I saying ashton or simpson are innocents or people I want within a million miles of our club, Sadly, because I was hoping it would not be the case, neither do I want the russos. The bottom line to us is we care.............the bottom line to them is money............not good bed fellows

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Garston Tony says...
4:12pm Fri 18 Dec 09

The Russo's clashed a few years ago with the board over the way the club was being run and were kicked off the board. They were subsequently proved right and Simpson and co. led the club to the edge of disaster. Fact. The R's have pumped in nearly 5 million to save the club from administration 4 times in the past 12 months, Lord A and Simpson contributed nothing. Fact. The R's wanted talks with Lord A and Simpson to thrash out a way forward. Fact. The R's also offered to buy the club off the other two and take on the whole burden. Fact. Lord A and Simpson were planning to oust the Russos from the board. Fact. Lord A and Simpson have offered diddly squat help or money until the Russos stepped down and threatened administration. Fact. Lord A's offer would mean the Russo's having to invest even more money to keep their level of shareholding, if they did not there shareholding would reduce and the value of their investment greatly reduced. Fact.

Its such a shame that many of us so quickly forget what the Russo's have done the past 12 months, trying to rectify the problems and stop the consequences of the very mess that Lord A and Simpson left the club in. Yes its worrying what the Russos are threatening but if they have turned seemingly into the bad guys so quickly it is as a direct consequence of the actions of Lord A and Simpson. FACT

I think the Russos do care about the club, far more than Lord A and supposed fan Simpson, but have been forced into this action by those two

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Wags it all about? says...
4:21pm Fri 18 Dec 09

Rochdale, like duckfan you seem to have skipped over large chunks of FACTUAL information.

I don't want to be unkind, but getting this situation across to you feels a bit like flogging a dead horse

All becoming rather tedious

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Open Ya Mind says...
4:33pm Fri 18 Dec 09

Great post Garston Tony!

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I'm with the R's on this one guys. They are best for the club long term and have been best for the club over the past year!

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SLB says...
5:06pm Fri 18 Dec 09

Yes, Garston Tony. I've nothing to add to that. But I wanted to say that I agree with you.

We all deify Sir Graham Taylor, and he's right about administration, but Ashcroft (Deputy Chairman of the Conservative Party for those of you voting next year) forced this situation on the Russos. Good luck to them. I'm a shareholder, I'll lose out. But if we can rid ourselves of the odious individuals involved then that has to be a good thing. It won't come without a cost. But they ain't gonna walk - they need to be pushed.

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WFC4ever says...
5:10pm Fri 18 Dec 09

Now odner these big egos running the club cannot agree on anything if the fans cannot not!

I understand our money runs out on the 22nd?

What happens then...admin anyway/players not paid?

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GrahamTaylor says...
5:12pm Fri 18 Dec 09

Actually the Russos offered to the club the club off LA's and Gimpsons hands. Otherwise I agree with your post

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a1derek says...
5:19pm Fri 18 Dec 09

Heard some interesting stuff today.

It seems the Russos may well have had an "alternative agenda"all along.

Can't say too much, but a little bird told me that their plan has always been to try and bully everyone in to a position where they pick up ownership of the club for virtually nothing.

Lord A apparently sees their tactics as nothing short of barrow boy bullying and that is why he has not come to the table previously. Clearly he now sees the chance to gain more control and feels it is worth a punt.

Yes it's true Russos will see their percentage ownership diluted but they can take up part of the rights issue to maintain the status quo and protect their investment, after all this is all Lord A is doing. And Russos are guaranteed to get their recent investment back under the Ashcroft rescue plan.

Whatever...this is a pretty extreme case of politics, posturing and positioning with our club in serious danger at the heart of it.

However, the indicator for me that this may well be nearer the truth than we might have thought is GT's position and his obvious anger at the Russos.

GT would ONLY EVER have the club's best interest at heart and he is the one constant that we as supporters KNOW we can trust.

I think his stance probably reveals far more than we are being told!

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SLB says...
5:32pm Fri 18 Dec 09

But God (Sir Graham Taylor) admitted last night that he wasn't a "money man". He's open that he doesn't understand all this (who does ;-) ?).
I don't think we should be swayed by that.

The WST (of which I was an original member) quickly became Simpson's poodle. Nothing changes. Absolute waste of space.

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WFC4ever says...
5:42pm Fri 18 Dec 09

Russo on 3CR said no response has been forthcoming from Lord Ashcroft's company and even the club haven't got in contact so it doesn't looks too good.

:(

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sceptic says...
5:47pm Fri 18 Dec 09

Would somebody explain to me what exactly Notax Ashcroft was doing when his poodle Simpson with his 2 accomplices was burning a pile of money?

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paultheshrink says...
6:04pm Fri 18 Dec 09

I see the Russos have offered to suspend legal action if Lord A will talk to them. I really cannot see how they can be the "bad guys" in all this. They have been trying for months to get his Lordship to the table, but he seems to be too busy counting his Victoria Crosses. Those medals were awarded for exceptional bravery and sacrifice - characteristics he seems to lack. Self interest, and out for what he can get is my view.

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Wags it all about? says...
7:24pm Fri 18 Dec 09

sceptic you're spot on

naturally, the pro ashcroft followers haven't questioned this as they would prefer to keep their heads in the sand and digest the **** and bull being duly served up by their ringmaster

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enlightened one says...
4:31pm Sat 19 Dec 09

Chocolate fireguard springs to mind.

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