2:45pm Monday 21st December 2009
By Frank Smith
Watford fans are still waiting for news on the rescue package which needs to be in place by tomorrow to stop the club from going into administration.
The turmoil which has engulfed the club following former chairman Jimmy Russo’s resignation prior to last Tuesday’s AGM has stole the headlines for the past week but despite an apparent agreement being met over the £4.88m he is owed, tomorrow’s deadline still looms.
On November 26, Russo loaned the Hornets £1m to help pay the club’s bills but the statement released by parent company Watford Leisure Plc confirmed the money would only last until December 22 and then the company would be unable to meet its cash requirements.
Russo had threatened to take the club into administration if Watford did not agree to pay him the £4.88m he lent the club by the end of last week and although he has yet to receive that money, he agreed to call off the administrators after receiving assurances from the club that Lord Ashcroft would repay the loan.
Details of the agreement have yet to be divulged and supporters and shareholders are also waiting for clarification on whether the club have beaten tomorrow’s deadline and found the money needed to pay its liabilities.
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