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Hornets in Crisis

Taylor: Hornets face 'deeply unpleasant situation'

1:49pm Friday 18th December 2009 in


Hornets legend Graham Taylor has urged fans to get behind the team as it returns to Championship action after a week of off-the-pitch turmoil.

Former manager Taylor, who has been appointed interim chairman following Jimmy Russo's resignation on Tuesday, said the Vicarage Road club is facing a “deeply unpleasant situation”.

And he has again urged Russo to accept the deal from Lord Michael Ashcroft that would save the Hornets from administration and a ten point deduction.

Taylor told the Watford FC website: “Things have come to a head and this is an incredibly serious situation for this great football club.

“My love for the club is clear and as an independent board we're doing everything we can to avoid the worst case scenario.

“Jimmy Russo doesn't have to call in his loan of £4.88m immediately, on the table is an offer from Fordwat where he will see his cash in three to four weeks' time.

“This will save the club from administration, which is what everyone who cares about the club ultimately wants.

“The threat of administration is very real and we are approaching the fact that if that money is not paid to Jimmy then he can put the club into administration.”

Taylor, who has spoken to Honorary Life President Sir Elton John about the club's financial crisis, also reserved praise for boss Malky Mackay, who will be looking to take three points with a win at Championship strugglers Peterborough United tomorrow.

He said: “I know all the fans are deeply concerned with the latest developments and understandably so.

“Right now, the club needs their support more than ever.

“There are so many who I know personally and I know what they're going through. Everyone is kept hanging and in limbo – it's a deeply unpleasant situation.

“Amongst everything else that has been taking place off the pitch, it is easy to forget that weather permitting, we have a fixture tomorrow.

“Malky Mackay has conducted himself superbly through all of this and has shown all of his strengths in this difficult time.

“The players must be commended for staying focused on footballing matters.

“We all have to stay positive and look to the future.

“Everyone must believe there is a future, that currently is in the hands on someone else accepting an offer, we can only hope they do what is right for Watford Football Club.”

Comments(43)

HOOF says...
2:03pm Fri 18 Dec 09

Look Sir Graham,Jimmy is not going to accept the offer put to him cos it is a pathetic offer!!
We will all keep supporting this team,probably even more so now!!
BUT Jimmy,Ashcroft & all the over members of the board have to sit down & get this sorted.
If Jimmy Russo was going to put us into administration then it would have happened by now.I've heard a couple of interviews with Jimmy on tv & radio and as of yet I haven't heard him say that he is going to call in the administrators.He wants to run the club & hopefully he will do if a bit of common sense can prevail.
JIMMY RUSSO'S YELLOW ARMY!!!!!!

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Harry H Hornet says...
2:12pm Fri 18 Dec 09

Why is GT taking the Ashcoft offer as the best option ?

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smeg says...
2:49pm Fri 18 Dec 09

I find it amazing people still support someone who is gambling with my club.

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worthing_hornet says...
2:59pm Fri 18 Dec 09

Just a question from no particular "camp" or standpoint. We need money urgently. Lord A seems finally to be offering to put 7.5 mil into the pot. I'd need an accountant to explain why doing this as a right's issue as opposed to writing the PLC a cheque, is not a good thing for the club.

Anyone putting a large sum into a club would expect something out of it i.e. a larger say in the running. Presumeably the Russo's were after that but were refused?

The money they put in wasn't by a rights issue, so again, why cannot / won't Lord A put his money in on the same basis as the russo's did? (other than the fact they hate each other obviously)

I think GT is saying that Lord A's money purely from a club perspective, keeps the club solvent, no more no less. I may be reading to much into his words but he does seem to be trying to speak from a "this is best in the short term for Watford FC" standpoint and not trying to put himself in either camp?
But I may have that wrong, so please do not shoot me down. If someone can explain the issue better please do (I am not concerned about the changing percentage of power or all the already quoted arguements about the russo's vs Simpson / Ashton, there's loads on that already. Just specifically how would be the best way to have this money from Lord A?

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worthing_hornet says...
3:01pm Fri 18 Dec 09

Maybe the WO can post an article laying out the facts from a business standpoint so we the non financial fans, can cut through all the spin and understand what is actually being offered and what it would mean?

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HOOF says...
3:03pm Fri 18 Dec 09

jasonwatford wrote:
Bog off HOOF you idiot.....Graham taylors malky made army .... fcuk off Jimmy and Vince Kranky Russo
Yeh come on in Ashcroft & bring your chum Simpson with you,cos he did such a great job of running this club last time didn't he??
Jimmy Russo is the best man to run WFC!!

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haversham hornet says...
3:04pm Fri 18 Dec 09

i have supported watford since the70's and have the greatest respect for Graham Taylor, what i cannot understand is why is asking the Russo's to stump up another £2.2m to get back their £4.8m good business for them, esp when they still will only have 30% of shares and no say on the board... and why has Ashcofts offer come in so late, where was his money earlier in the season when it was needed? Just maybe the Russo's really hold Watford to their hearts because they seem the only ones who want to actively run Watford...

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stevemag says...
3:24pm Fri 18 Dec 09

Haversham Hornet - If Ashcroft injects £7.5 Millions worth of shares then of course Jimmy Russo would not still own 30% of all the shares due to the influx of the new shares.

Therefore the only option to still have 30% is to inject more money.

Of course the £4.88 million has been very much appreciated by Watford Football Club, however this is a loan and has been receiving interest payments. So its not the same as an investment . To invest more money there needs to be more share funding

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Derek Payne says...
3:28pm Fri 18 Dec 09

There is only one person with no financial interest in this.

Only one person who truly cares about the club and the fans.

One person who pretty much created the club as we know it.

And if Graham is unhappy with the Russos, so am I.

He is the only person to trust in this whole sorry mess. Thank God for GT.

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StotfoldHornet says...
3:40pm Fri 18 Dec 09

Unbelievable how people are backing the Russo's, seems more interested in watching Watford FC go into administration...... ' good of the club'...... my arse Russo!!!

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jasonwatford says...
3:41pm Fri 18 Dec 09

Hoof-----Really shouldnt make comments when you only know what you read.....Russo is a evil little man....( he has little man syndrome ) Im not saying Lord is the answer but trust me he is all we got at the moment. GT is the only one to trust here...he is seeing it from fans point of view

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N Joydegame says...
3:51pm Fri 18 Dec 09

Jasonwatford - supporters like you are not worth the paper you're printed on. You see nothing but the next £ note, and are hidding behind GT's apron.

You were all singing JR's praises when he carried the club for the past year, with no help from anyone else. But, as soon as you get a so called better offer you jump at it without question. Nobody has yet heard why Lord Cashcroft is involved or what his strategy is to take Watford forward. The silence is deafening. He's only in this for an investment, nothing else. Money grabbing people like you should just stop and start asking questions about this £7.5m. What are the strings attached? Why would this tax NON-DOM want to put this sort of money into the club? No one knows, do they?

However we do know that JR has given his commitment and reasons for investment. Give him some credit not this stupid abuse.

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neilhorn says...
3:52pm Fri 18 Dec 09

5 years time - will Ashcroft still be here? NO. Will Russo's still be here? NO. Will we still be here? YEAH. WFC will go on because 15,000 of us want them to, and if that its league one, league two of division 2 Rymans South we'll keep turning up till we are back to full strength. So fukc these mugs trying to hold us to ransom, we will win in the end

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neilhorn says...
3:52pm Fri 18 Dec 09

5 years time - will Ashcroft still be here? NO. Will Russo's still be here? NO. Will we still be here? YEAH. WFC will go on because 15,000 of us want them to, and if that its league one, league two of division 2 Rymans South we'll keep turning up till we are back to full strength. So fukc these mugs trying to hold us to ransom, we will win in the end

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Garston Tony says...
3:54pm Fri 18 Dec 09

Just had a sound bite on Radio 5 with Russo saying he would like to meet Lord A at any place of his choosing to sort this out, he is also unhappy at GT calling him a bad man and basically asked why he is the bad person in this when he has saved the club from administration 4 times this year and pumped over 9 million into the club in total. Fair question. I've said it elsewhere but GTs - legend forever - comments would have more weight for me if he also had a go at Lord A and Simpson for not having helped the club out the past 12 months and for forcing plotting against the Russo's therefore instigating this weeks merygoround

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

Unfortunately the deal is no good for the Russos'. They took over as minority shareholders they seemed to work tirelessly to try and sort out the disastrous finances, they put nearly £5m in in loans - and as minority shareholders they would have been stupid to do that without security which has now proved sound by Ashcroft and Simpson planning to vote them off. We don't know what the Russos' offer was to Ashcroft/Simpson but the £7.5m rights issue is no good for the Russos. To keep the same percentage minority shareholding they would have to stump up another £2.25m first before getting their £5m loan back and then that £2.25m has no security. If they don't take up the rights issue then they get their £5m back but their share holding percentage goes down probably to under 25% at which point they would have absolutely no say in the club. Either way it is my understanding that a condition of the rights offer is that the Russos would not be allowed to have a representative on the board which seems crazy if they have invested £10.5m but no say. So the way I see it Ashcroft and Simpson are the evil witches providing the posion apple. But if we go into Administration then everyone loses especially as with Watford knocking on the door of the play-off places there is a potential premium available on the shares with the reduction in cost structure as well. Come on guys kiss and make up and come to some compromise agreement. Ashcroft clearly does not really have any interest in the club other than for investment? Simpson probably has no way back into the club following what has gone on in the past and the Russos certainly as far as the supporters can see have an interest in turning the club around - yeah they want to make a profit in the long term but who wouldn't that had invested £13m into what after all is a business - although supporters would not necessarily see it that way.

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Mick, Bray says...
4:18pm Fri 18 Dec 09

It's idiots like Smeg,Jason & Stotfold whick keep me entertained! Whilst i welcome your laughable comments i actually have to question whether you have half a brain!!

Let me ask you this?

If you owned 30% of a business and had pumped in an extra 4.88 million whilst the other major shareholders contributed nothing, would you then pump in a further 2.25 million with no representation or say of your investment, whilst the other shareholders run the club!

Who has saved the club from administration 3 times in the last year,Tory Boy & Gimpson or RB?

Who is offering to sit round a table to sort this out?

Keep to the facts you fools!

I personally hope that a new investment team comes in but at least the RB have tried to sort out this mess over the last year that Gimpson & Cashton made.

GT should be getting stuck into Gimpson.

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john the greek says...
4:19pm Fri 18 Dec 09

in my view the best result would be Russos in charge, secondly Administration, Last Ashcroft.
He is only about money. Nothing else

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Mick, Bray says...
4:21pm Fri 18 Dec 09

At least the RB come to watch us home and away.

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Wags it all about? says...
4:31pm Fri 18 Dec 09

Mick

Well said, but I suspect even if you repeat your well presented and objective points a zillion times, this will still not be enough to clear the wax from the dumb ears of the few doughnuts that cannot see through this poorly contrived ashton created debacle.

The only upside is the amusement these wombats continue to provide

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Chris the Vic says...
4:52pm Fri 18 Dec 09

Yippee taylor says we face a deeply unpleasant situation created by:

Homer/Boofers and Boy Blunder

added to significantly by

Fordwat/Ashton and the financial brains of the Nomads/Taylor and Timperley

trying to be sorted by the

Russos

who want to sit down and talk before they might have to pull the plug.

Graham, over the years you have been put on a pedestal by many fans but
1. All fans will unite behind the team without your call

and secondly

2. Talk about football and we will listen...but on the subject of finance shut it and in the words of JR choose your words far more selectively before you damage our club anymore and you above all know what the club means to us and you.

In all honesty if SEJ is not putting up deal with those who are willing to and ensure that they follow the ethics we expect from years gone by.

sec word blue-true....someone has a sense of humour

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Mick, Bray says...
4:57pm Fri 18 Dec 09

Chris the Vic,At least someone on here knows who to blame.

I agree GT is starting to make himself look foolish with his comments!

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jasonwatford says...
5:00pm Fri 18 Dec 09

joydegame........hav
e you ever been involved in professonal football ? No - well i have......i know more and have been to more places than you would ever know so why dont you shut up...Do you know Jimmy Russo at all ?? i have had dealings....do you peronally know anyone who has had to work for him ?? Well i do.......what you seem to not understand here is im not saying the Dark Lord is the answer i'm telling you its all we have at the moment . I would say dont be fooled by what see written down but i guess you wont understand that. Will i be at Peterborough ?? oh yes i will

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Mick, Bray says...
5:15pm Fri 18 Dec 09

Jason ,

If u are going to start boasting your credentials then please back it up with evidence!

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

GT knows wat he wants and it seems to have desired effect
_
Former Watford chairman Jimmy Russo says he is prepared to meet major shareholder Lord Ashcroft to discuss a deal to secure the club's future.
-
Russo threatened to take the Hornets into administration after rejecting the club's proposal to repay a £4.88m loan.
-
However, he told BBC 5 live: "I'm happy to suspend any legal action providing I have an appointment with them."

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John Howard Norfolk says...
5:59pm Fri 18 Dec 09

Getting Graham Taylor into the hot seat can only be good news as we - the ordinary fans - trust him.

My joy would be complete if the WO could get Oli Phillips back to cover the club news!

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HOOF says...
6:11pm Fri 18 Dec 09

John Howard Norfolk wrote:
Getting Graham Taylor into the hot seat can only be good news as we - the ordinary fans - trust him. My joy would be complete if the WO could get Oli Phillips back to cover the club news!
And Luther up front,digger on one wing cally on the other.We need to move on John.

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BoldenGoys says...
6:14pm Fri 18 Dec 09

There seems to be a pattern forming here. Those who have a rough idea of the details of this situation are supporting Jimmy Russo or at least giving him the benefit of the doubt. Those who can't be bothered to read past the headlines just see 'Russo = Administration' and are calling him every name they can think of. I personally have more faith in Jimmy, and the opinions of those commenting so far are enforcing that feeling. If someone has really got a good, convincing explanation as to why we should trust Ashcroft, I would love to hear it.

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the sniper says...
6:16pm Fri 18 Dec 09

Garston Tony wrote:
Just had a sound bite on Radio 5 with Russo saying he would like to meet Lord A at any place of his choosing to sort this out, he is also unhappy at GT calling him a bad man and basically asked why he is the bad person in this when he has saved the club from administration 4 times this year and pumped over 9 million into the club in total. Fair question. I've said it elsewhere but GTs - legend forever - comments would have more weight for me if he also had a go at Lord A and Simpson for not having helped the club out the past 12 months and for forcing plotting against the Russo's therefore instigating this weeks merygoround
Good call,Lets hope it gets sorted asap,why is JR a "bad man" ?This guy
has been pumping money in all season,so where has LA's and GS's input coming from? Lets hope they get round a table and thrash it out and prevent us going into administration and hopefully we can concentrate on getting behind the Golden Boys!!The club and supporters will survive whatever happens whether JR or LA invest we'll wait and see but come on WO clearer facts please

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Emmer Green Hornet says...
6:35pm Fri 18 Dec 09

Acrding to Sky Sports we're saved! Ashcroft has offered JR his £4.8mil and he seems to have accepted. It remains to be seen what Ashcroft has in mind for WFC's future, but for now we're safe. Security word is 'next-dark'. Hope thats not an omen for the immediate future. JR has been great at getting the deal that is right for WFC over transfrs etc, so I guess it's only fair he held out this time for what is right for him. I certainly hold no grudge againsthim for his recent actions as it looked like he was going to get screwed.

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stevemag says...
6:37pm Fri 18 Dec 09

Praise the Lord !

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Oxhey Village Hornet says...
6:38pm Fri 18 Dec 09

First deadline wednesday. Second deadline thursday. It's now friday evening. No administration yet. The poker game continues....

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jon.thomas says...
6:41pm Fri 18 Dec 09

Do you know what libel is jasonwatford?

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jasonwatford says...
6:56pm Fri 18 Dec 09

well.......the dark lord has won thru !!

Jon Thomas...are you ?

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pstannard1 says...
7:01pm Fri 18 Dec 09

According to sky website,
Watford have reached an agreement to JR and Lord A and it understands that Watford will not now enter Administration

http://www.skysports
.com/story/0,19528,1
1688_5781215,00.html

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Richard - Come On You Golden Boys! says...
7:23pm Fri 18 Dec 09

Hopefully the Sky reports are true and Lord Ashcroft is going to pay VGS £4.88M to bring an end to the matter, although it does beg the question why Russo couldn't wait a few weeks for his cash, but that's not important to me.

It is however, very unfortunate we had to witness Russo's ridiculous and unpleasant antics of the past week, which has tainted some of the good work he'd done in helping to reduce the clubs expense base.

The more discerning amongst us saw through his wailing & posturing; but not all and it is sad that some WFC supporters who thought he could do no wrong, had to resort to unnecessary abuse. This achieved nothing other than to weaken the point they were trying to make.

Let's all hope that the club can now move forward, with sound financial backing, Graham Taylor's stewardship, and Malky's management of the team.

I bid you goodnight and for the first time on this site, I say:
"Hip Hip Hooray"

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BoldenGoys says...
7:37pm Fri 18 Dec 09

Richard, that really is a rather pompous post. If you can't see the difficult position Russo was put in, then you have no right to refer to yourself as discerning. You must realise that the waiting was not the problem for Russo, but the conditions of the deal.

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Wags it all about? says...
7:38pm Fri 18 Dec 09

Richard

you patronising and deluded moron

clearly you are a lost cause.

Predictably, you still carry on your blue rinsed bluster, but frankly you and your master fool no one but the deluded and out of touch with reality

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Jim_UK says...
8:05pm Fri 18 Dec 09

http://www.skysports
.com/story/0,19528,1
1095_5781215,00.html


Panic over according to Sky Sports

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Richard - Come On You Golden Boys! says...
8:26pm Fri 18 Dec 09

BG Berko. Yes point taken, it was all rather tongue in cheek and designed to draw the response it got.

However, if you'd recieved some of the abuse that's been coming in my direction, maybe you'd let me off with a caution.

Regarding Russo I'm not so sure that the terms of the settlement have changed much apart from timing, although I believe the gesture was important to the man's ego.

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MrMfatic says...
11:36pm Fri 18 Dec 09

Thank you Graham.

Regardless of the politics you made this happen. I attribute much of this to your sky sports speech today.

I feel sorry for the Russo's they have done a huge amount for the club but i am sure your speech today made all the difference in regard to the Russo's approach.

Hope you stay on as chairman and that the Russo's are involved as well (unlikely i suppose)

Next home game hope the fans are chanting there is only one GT i will be.

good luck and thanks

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Former England manager Graham Taylor fears Watford may go into administration after Russo brothers call-in loans. Picture: Action Images Graham Taylor has urged fans to get behind the team as they travel to Peterborough tomorrow.

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