Watford reach settlement with finance company LNOC

Watford reach LNOC settlement

Watford reach LNOC settlement

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

Watford FC have agreed a settlement with finance company LNOC.

In November the football club lost their 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 but the Hornets have now agreed an undisclosed settlement with the company.

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 and this resulted in a transfer embargo on the club.

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

The Hornets previously stressed provisions were in place to pay the LNOC money in last year's accounts, so the settlement won't have a negative impact on this year's budget.

Comments (6)

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7:53am Thu 8 May 14

akureyri says...

And even now the hands of Laurence Bassini are dragging the club into bad places. When will the club be completely separated from this man and his schemes?
And even now the hands of Laurence Bassini are dragging the club into bad places. When will the club be completely separated from this man and his schemes? akureyri
  • Score: 9

8:07am Thu 8 May 14

mellow yellow says...

akureyri wrote:
And even now the hands of Laurence Bassini are dragging the club into bad places. When will the club be completely separated from this man and his schemes?
Around now, I reckon.
[quote][p][bold]akureyri[/bold] wrote: And even now the hands of Laurence Bassini are dragging the club into bad places. When will the club be completely separated from this man and his schemes?[/p][/quote]Around now, I reckon. mellow yellow
  • Score: 41

9:26am Thu 8 May 14

tonupchris says...

Time to draw a line under the Bassini era now and concentrate on a much brighter future. I think the club have done the right thing by agreeing a sum to pay so we can move on
Time to draw a line under the Bassini era now and concentrate on a much brighter future. I think the club have done the right thing by agreeing a sum to pay so we can move on tonupchris
  • Score: 11

9:31am Thu 8 May 14

shaky100 says...

mellow yellow wrote:
akureyri wrote: And even now the hands of Laurence Bassini are dragging the club into bad places. When will the club be completely separated from this man and his schemes?
Around now, I reckon.
Thats what I'm seeing as well. Last years accounts still showed the money owed by Bassini and a matching provision. They also showed the debt to LNOC. I would imagine that none of this will appear in the accounts for 30 June 2014 (ie the club will write off the money owed from Bassini, and settle the money owed to LNOC).

While that creates a good position going forward, I find it hard to swallow that Bassini seems to have walked off with nearly £2m.
[quote][p][bold]mellow yellow[/bold] wrote: [quote][p][bold]akureyri[/bold] wrote: And even now the hands of Laurence Bassini are dragging the club into bad places. When will the club be completely separated from this man and his schemes?[/p][/quote]Around now, I reckon.[/p][/quote]Thats what I'm seeing as well. Last years accounts still showed the money owed by Bassini and a matching provision. They also showed the debt to LNOC. I would imagine that none of this will appear in the accounts for 30 June 2014 (ie the club will write off the money owed from Bassini, and settle the money owed to LNOC). While that creates a good position going forward, I find it hard to swallow that Bassini seems to have walked off with nearly £2m. shaky100
  • Score: 15

1:15pm Thu 8 May 14

uppereastsidehornet says...

cnut
cnut uppereastsidehornet
  • Score: 8

8:59pm Thu 8 May 14

soulfulhornet says...

Sadly this was inevitable. But the other case between the Russos and Bassini means he will not be laughing the other side of his face - and that's despite the appropriate helmet - that he is!!!!!!
Sadly this was inevitable. But the other case between the Russos and Bassini means he will not be laughing the other side of his face - and that's despite the appropriate helmet - that he is!!!!!! soulfulhornet
  • Score: 2

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