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Jimmy Russo and Lord Michael Ashcroft reach Hornets agreement
Watford fans can breathe a huge sigh of relief tonight after their club was saved from administration.
Former chairman Jimmy Russo has accepted an offer from major shareholder Lord Michael Ashcroft to repay the £4.88m lent to the Hornets.
Russo who, along with his brother Vince and close business associate Robin Williams resigned at Tuesday's annual meeting, had threatened to put Watford into administration after rejecting the terms of a £7.5m right issue proposed by Lord Ashcroft's Fordwat company yesterday.
But a deal has now been done and Russo told BBC Radio 5 Live tonight: "I'm relieved to have all this sorted out but it's disappointing it has taken so long.
"It has rescued the club and it is good for the club and I'm delighted. I didn't want to put them into administration.
"I wish the football club all the best and they have got a good future."
Despite this positive development Russo hit back at interim chairman Graham Taylor for labelling him a "bad man" following this week's events.
"I thought that was a disgraceful comment," his predecessor reportedly said. "He should have been more selective with his words.
"How can somebody who has rescued the club four times, have a contribution of £9m in the club, never been paid a penny ... become a bad man?
"I think Graham should apologise for that comment. I think that was totally out of order, and I don't think I deserved that.
"He should really look at that again and pick up the phone - if he's big enough."