Deal to solve Watford's financial problems and beat tomorrow's deadline close (From Watford Observer)
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Deal to solve Watford's financial problems and beat tomorrow's deadline close
3:52pm Monday 21st December 2009 in
Watford are very close to finding a successful resolution in their bid to pay off the £4.88m owed to Valley Grown Salads and solving their short-term cash flow problems, the Watford Observer understands.
The threat of administration has been looming over the club since former chairman Jimmy Russo resigned from last Tuesday’s AGM and called in the £4.88m owed to his company VGS.
The Hornets’ parent company Watford Leisure Plc also released a statement at the end of November confirming that a £1m loan from Russo would only cover its liabilities until tomorrow, December 22.
But the Watford Observer understands discussions between the club’s board and Lord Ashcroft’s company Fordwat have been ongoing today and the parties are finalising an agreement which will pay off the £4.88m VGS loan and provide the money needed by tomorrow.
It is also understood that the £5.5m hole in the club’s books, which needs to be filled by June 2010, will be filled by having a rights issue.
Lord Ashcroft looks set to underwrite the rights issue, as he offered to do last week but was rejected by Russo and VGS.
It is unclear, however, whether a statement will be made by either Watford or their parent company today.
Comments(37)
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WFC4ever
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3:56pm Mon 21 Dec 09
I know the Watford O like to keep up to date but why post one story about this deadline which may make people worry but then an hour later suggest that everyone is going to be rosey!
pete50
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4:18pm Mon 21 Dec 09
hogweed
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4:34pm Mon 21 Dec 09
Hog out
WFC4ever
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4:39pm Mon 21 Dec 09
Well a surprise but hopefully he's off our wage bill for a few months!
grahamwfc
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7:16pm Mon 21 Dec 09
WFC4ever wrote:Sky news interviewed him & while non-commital he is going to season end with a view to a perm deal. I think his contract ends end of season anyway so just remains to see if they are paying all his wages or part a la HH
Just heard Nathan Ellington has gone on loan to Xanthi in Greece! Well a surprise but hopefully he's off our wage bill for a few months!
password will-face ( I hope Will does face Forest) cos current crop cant hit cow's a*** with a banjo
WFC4ever
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7:27pm Mon 21 Dec 09
Rick Holden Forever
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8:57pm Mon 21 Dec 09
I'm glad they're gone and fully support GT's comments. They were asset strippers trying to make a big fat pile of cash.
Holly68
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9:13pm Mon 21 Dec 09
Only 2 Ross Jenkins
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10:19pm Mon 21 Dec 09
Rick Holden Forever wrote:We'd be in administration by now if it weren't for the Russos. I think they deserve a little more respect.
The Salad Munchers were just a big of bunch of crooks as cashton and gimspon so why do people think the sun shines out of their fat backsides? I'm glad they're gone and fully support GT's comments. They were asset strippers trying to make a big fat pile of cash.
derry pigweed
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10:49pm Mon 21 Dec 09
Rick Holden Forever wrote:Is that you Vor?
The Salad Munchers were just a big of bunch of crooks as cashton and gimspon so why do people think the sun shines out of their fat backsides? I'm glad they're gone and fully support GT's comments. They were asset strippers trying to make a big fat pile of cash.
spidey
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11:08pm Mon 21 Dec 09
You would have said the same about them had they let the club go into administration rather then saving us on 3 seperate occasions .....
rogeruk
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11:29pm Mon 21 Dec 09
derry pigweed
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11:41pm Mon 21 Dec 09
Greek football might suit you ?
why no bid from colchester's special one surely such" a gifted player" Aidrian's words,
would have been welcomed at colchester?
Oh sorry Aidrian is learning from his mistakes!
Elton Bog
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12:32am Tue 22 Dec 09
Mind you, what Ashcroft's ultimate plans are for Watford and the Vic is anyones guess. I would be happy if the club went forward with tight financial controls and no wild salaries and transfer fees - the closer the club is to being solvent and self financing, the less vulnerable it becomes for being held to ransom.
Holly68
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10:05am Tue 22 Dec 09
Wags it all about?
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12:17pm Tue 22 Dec 09
Long standing posters will know Roger went in to hibernation after he was rumbled for getting things spectacularly wrong - another simpson/ashton admirer that couldn't see further than the end of his nose.
Oh Roger, didn't you just delight in telling us how important you are and boast about your misplaced vast commercial experience. Naturally, this can only tell us only one thing... doughnuts like you, retard p.rick and others fool no one but yourselves.
If I was watching you lot in panto I would ask for a refund!!
N Joydegame
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12:29pm Tue 22 Dec 09
We have absolutely no idea WHY Cashcroft has invested into our club. Certainly not for his health nor for the supporters either. No statement of intent, no statement of his medium and long term strategy. Nothing at all from a non-football investor.
Beware that we haven't accepted Satan's Shilling. Today's solution is tomorrow's problem.
Atleast we knew what we were getting with the Russo's, who were willing to put £9m of their own money into the club and be very open and honest about it.
Like many on this site, I'm a long term fan (36 years), a season ticket holder, and a shareholder; and I have a very vey uneasy feeling about Cashcroft's motives for investment.
He has a track record of investing into marginal seats for the Tories, and once the election is done next March or May, where are we going then? Nobody knows, do we? The whole mysterious way he has conducted his investments leave me with a very nervous feeling for the longer term future. He and Homer will eventually want to sell their shares but to whom? There will be more to follow in the New Year that's for sure.
Hans
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1:11pm Tue 22 Dec 09
ralphinator
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2:38pm Tue 22 Dec 09
Wags it all about? wrote:Wags - On a point of order, you ticked me off the other day for complimenting the thoughts of Roger68 and said about him exactly what you've just said here about Rogeruk, who must have been the one you had in mind.
Oh dear, I see the Z list no hopers are out in force for panto season, p.rick (u-turn) holden, patronising dumbwit roger uk and co. Long standing posters will know Roger went in to hibernation after he was rumbled for getting things spectacularly wrong - another simpson/ashton admirer that couldn't see further than the end of his nose. Oh Roger, didn't you just delight in telling us how important you are and boast about your misplaced vast commercial experience. Naturally, this can only tell us only one thing... doughnuts like you, retard p.rick and others fool no one but yourselves. If I was watching you lot in panto I would ask for a refund!!
Apology in order to Roger68, I think!
WFC4ever
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2:45pm Tue 22 Dec 09
Only 2 Ross Jenkins wrote:From the general comments of "Rick Holden" I get the impression he thinks we actually have load of cash to spend on players but just don't bother...
Rick Holden Forever wrote: The Salad Munchers were just a big of bunch of crooks as cashton and gimspon so why do people think the sun shines out of their fat backsides? I'm glad they're gone and fully support GT's comments. They were asset strippers trying to make a big fat pile of cash.We'd be in administration by now if it weren't for the Russos. I think they deserve a little more respect.
Might be wrong though and ready to accept that without the need to abuse others which sadly some seem unable to do.
TBH I am not sure if there is anything some WFC fans would agree with..they argue over simple things like Black/Red shorts.
Anyway time to move on..I am sure the Russos have for one and enjoy Christmas!
Wags it all about?
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3:09pm Tue 22 Dec 09
I did indeed give you a 'ticking off' cos I thought you were referring to RogerUK so please accept my apologies.
However, I didn't realise there is a Roger68, I know and like Holly68 who talks a lot of sense but as I say am not familiar with a Roger68.
If he does exist than sorry old bean.
Richard - Come On You Golden Boys!
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3:13pm Tue 22 Dec 09
It is an excellent idea and I'll be pleased to help the club in this way.
Wags it all about?
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3:15pm Tue 22 Dec 09
You seem like a nice chap and I respect your comments and opinions.
Please don't read too much in to the abuse you believe we give each other - I don't think it is overly offensive, if it was the obbo would pull the content.
Sometimes passions take over and it just feels better when you tell it as it is!
ps New year resolution lighten up wee tad and be a little more tolerant?
WFC4ever
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3:41pm Tue 22 Dec 09
Wags it all about? wrote:Don't worry..
WFC4ever You seem like a nice chap and I respect your comments and opinions. Please don't read too much in to the abuse you believe we give each other - I don't think it is overly offensive, if it was the obbo would pull the content. Sometimes passions take over and it just feels better when you tell it as it is! ps New year resolution lighten up wee tad and be a little more tolerant?
I didn't mean just you.
Generally sometimes people can react badly to each other but I guess that is just part of disagreements and it would be boring if we all did think the same!
ralphinator
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4:06pm Tue 22 Dec 09
WFC4ever wrote:Goodness, the season of goodwill is breaking out all over the place! Next thing, we'll be seeing VoR and Billie entwined under the misletoe...
Wags it all about? wrote: WFC4ever You seem like a nice chap and I respect your comments and opinions. Please don't read too much in to the abuse you believe we give each other - I don't think it is overly offensive, if it was the obbo would pull the content. Sometimes passions take over and it just feels better when you tell it as it is! ps New year resolution lighten up wee tad and be a little more tolerant?Don't worry.. I didn't mean just you. Generally sometimes people can react badly to each other but I guess that is just part of disagreements and it would be boring if we all did think the same!
Merry Christmas to all our readers and here's to 3 points on Boxing Day
Wags it all about?
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4:30pm Tue 22 Dec 09
'It's the most wonderful time of the year...la la la' and I'll spare you the audio version as it is indeed the season of goodwill.
Now that I have composed myself from the though of billie and vor 'coming together' - I too wish all you hornets a very yellow xmas!
Best of luck too Malky, the boys and staff
Billie
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6:05pm Tue 22 Dec 09
swedish_hornet
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6:17pm Tue 22 Dec 09
(believe in) V.o.R
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6:41pm Tue 22 Dec 09
Wags it all about? wrote:You ain't arf a noob
WFC4ever
You seem like a nice chap and I respect your comments and opinions.
Please don't read too much in to the abuse you believe we give each other - I don't think it is overly offensive, if it was the obbo would pull the content.
Sometimes passions take over and it just feels better when you tell it as it is!
ps New year resolution lighten up wee tad and be a little more tolerant?
WFC4ever
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6:42pm Tue 22 Dec 09
swedish_hornet wrote:Was thinking that..presuem its the share right issue that was being talk about when Ashcroft put his money in?
It`s getting late. Where is the agreement?
(believe in) V.o.R
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6:53pm Tue 22 Dec 09
Billie wrote:I think I know where you live......
Wags, vOr and me? Entwined? Sorry, I'm already tied up that day. I more imagine vOr sitting on top of the Christmas Tree. Star or fairy? I know which seems to be more appropriate. Happy Christmas to all genuine Watford fans. A very good man, sincere supporter and still substantial shareholder reminded me that we need to be in the hands of owners who care about the club. There are a lot of people who have cared and lost serious money through the last few years, investing in our club. Let us hope for peace of mind and good health for all such people in the New Year. No not you vOr.
I followed the yellow dribble drips in the snow, straight to your door!!
Remind who the sincere supporter is again? Coz it sure ain't R'sole.....
Got his comeuppance good and proper, how very dare he and for those condoning his actions have to be questioned whether they're true supporters.
Why weren't you at Cally's Disco, you and wags in bed playing bridge or something?
Billie
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7:28pm Tue 22 Dec 09
Wags it all about?
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8:09pm Tue 22 Dec 09
So what do you do? try to 'entertain' the rest of us poor souls and morph in to the 'new you', yes the highly dramatic (believe in retard).
Believe my a***!!!
Billie I know the good people you are talking about and like you hope they see the day when the club is back in trusting and capable hands.
(believe in) V.o.R
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8:45pm Tue 22 Dec 09
More WFC in Crisis stories
- Watford boss Malky Mackay expects tough test against Nottingham Forest
- Lord Ashcroft to cover shortfall until rights issue
- Watford FC's parent company releases statement to stock exchange
- Russo's lawyers looking at Taylor's 'bad man' remarks
- Still no news on December 22 deadline
- Watford saved from administration
- Taylor: Hornets face 'deeply unpleasant situation'
- Watford Supporters' Trust chairman gives his views on Watford FC crisis
- Russo confirms Watford set for administration
- Russo rejects Lord Ashcroft's proposal
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