Watford's lawyers remain in discussion over the next steps in their legal case with finance company LNOC

Picture: Pippa Douglas

Picture: Pippa Douglas

First published in Sport Watford Observer: Photograph of the Author by , Deputy Group Sports Editor

The Hornets and their lawyers are still in discussions over what the next steps will be regarding their legal case with finance company LNOC, the Watford Observer understands.

In November Watford FC lost its High Court battle over loans worth £2.6m which were arranged by former owner Laurence Bassini.

The club had initially suggested they were planning to appeal against the ruling.

During a hearing at the High Court in October, Judge Mackie QC heard that the loans had been “forward finance” deals borrowed against money coming to the club from Football League pool funds and also from Swansea City FC for the transfer of striker Danny Graham.

The loans made against pool funds were later found to be in breach of Football League regulations. This resulted in a transfer embargo on the club.

During the case, Watford FC’s barrister Nicholas Randall, argued that Mr Bassini was not acting in the best interests of the club when he organised the loans and that they were not binding.

Comments (6)

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4:23pm Fri 28 Feb 14

andyhooked says...

Only news is that nowt is happening. Is it the case that either WFC's legal advisers think we are on a hiding to nothing or by appealing that we may get something out of an out of court settlement? Who knows! I just hope that Bassini and his stupid red hat burn in hell.
Only news is that nowt is happening. Is it the case that either WFC's legal advisers think we are on a hiding to nothing or by appealing that we may get something out of an out of court settlement? Who knows! I just hope that Bassini and his stupid red hat burn in hell. andyhooked
  • Score: 2

4:46pm Fri 28 Feb 14

rousman 2 says...

Not the **** in the hat picture again !!!!!
Not the **** in the hat picture again !!!!! rousman 2
  • Score: 2

6:56pm Fri 28 Feb 14

grahamwfc says...

Did we receive the benefit of these monies or didthe tw@t in the hat purloin them. If the former let it go, if the latter then bankrupt the sh**.
Did we receive the benefit of these monies or didthe tw@t in the hat purloin them. If the former let it go, if the latter then bankrupt the sh**. grahamwfc
  • Score: 0

11:16pm Fri 28 Feb 14

stewbyhorn says...

Unfortunately he's had our pants down and had us over, one day not too far away he will get that tap on the shoulder and when he does RUN!
Unfortunately he's had our pants down and had us over, one day not too far away he will get that tap on the shoulder and when he does RUN! stewbyhorn
  • Score: 1

8:35am Sat 1 Mar 14

Mark-H says...

This is the kind of thing that reminds me where we'd have ended up were it not for the Pozzo takeover. Puts the complaints about players like Lewis McGugan not being good enough into perspective.

We all talk about 'Laurence in his hat' being his stock photo, but what about Tommie Hoban's stock photo?! You know the one, eyebrow arched a la Ancelotti/The Rock. Let's have a new photo of him Observer.
This is the kind of thing that reminds me where we'd have ended up were it not for the Pozzo takeover. Puts the complaints about players like Lewis McGugan not being good enough into perspective. We all talk about 'Laurence in his hat' being his stock photo, but what about Tommie Hoban's stock photo?! You know the one, eyebrow arched a la Ancelotti/The Rock. Let's have a new photo of him Observer. Mark-H
  • Score: 1

1:59pm Sat 1 Mar 14

soulfulhornet says...

Have a nasty feeling we would not win the appeal. The loan money raised appears to have been put into the club, though the directors seem to have thought that the money came from the holding company or Baz for the SW stand. They believed it was actually an injection of capital and not receipts from the sale of Danny Graham (or loans in lieu of). If so the club did benefit from the monies - the source is irrelevant. Without this money we may have gone into administration or worse and probably would have been relegated by a deduction of points. If so the Pozzo take over would not have occurred, I suspect. Then where would we be ?

The then directors/ club should have known this - even though I believe they did not. GT, Fransen etc appear honest men. The loan company was not privy to goings-on inside WFC and the alleged machinations of its owner. It lent the money in good faith and therefore should expect recompense.

Agreed it is a grey area, hence the Football League not imposing punitive back dated punishment, which angered the supporters of some clubs (e.g Luton), who were treated more harshly.

The sooner this is resolved one way or another the better as the legacy of the Baz era hangs around like a bad smell. Remember there is still the battle between the Russos and Baz to be fully resolved too.

Thank god this can now be considered history as far as us supporters are concerned, even if it leaves the Pozzos with another hefty bill to pay in regards to the purchase of the club.
Have a nasty feeling we would not win the appeal. The loan money raised appears to have been put into the club, though the directors seem to have thought that the money came from the holding company or Baz for the SW stand. They believed it was actually an injection of capital and not receipts from the sale of Danny Graham (or loans in lieu of). If so the club did benefit from the monies - the source is irrelevant. Without this money we may have gone into administration or worse and probably would have been relegated by a deduction of points. If so the Pozzo take over would not have occurred, I suspect. Then where would we be ? The then directors/ club should have known this - even though I believe they did not. GT, Fransen etc appear honest men. The loan company was not privy to goings-on inside WFC and the alleged machinations of its owner. It lent the money in good faith and therefore should expect recompense. Agreed it is a grey area, hence the Football League not imposing punitive back dated punishment, which angered the supporters of some clubs (e.g Luton), who were treated more harshly. The sooner this is resolved one way or another the better as the legacy of the Baz era hangs around like a bad smell. Remember there is still the battle between the Russos and Baz to be fully resolved too. Thank god this can now be considered history as far as us supporters are concerned, even if it leaves the Pozzos with another hefty bill to pay in regards to the purchase of the club. soulfulhornet
  • Score: 0

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