Jimmy Russo in talks with Lord Ashcroft to find cash injection for Watford (From Watford Observer)

Jimmy Russo in talks with Lord Ashcroft to find cash injection for Watford

10:20am Sunday 14th June 2009

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By Frank Smith »

Watford’s two leading shareholders are in early discussions to try and find a cash injection to help stabilise the club.

Jimmy and Vince Russo, who control 30 per cent of Watford Leisure Plc through Valley Grown Salads, and Lord Michael Ashcroft, who has a 37 per cent stake through Fordwat Ltd, are currently in talks to try and identify funding for the club.

Lord Ashcroft no longer has a representation on the club’s board after Andy Wilson stepped down in February.

Watford chairman Jimmy Russo said: “What we are doing is talking to Lord Ashcroft to secure the club a safer future. We are trying to see where he and the club can find a solution going forward. So how do we want the club to go forward? Learning from the mistakes of the past.

“We want to see what his intentions are. We have been talking to Lord Ashcroft about how they would like to see the shape of the business going forward, seeing as though they do not have representation on the board.

“Lord Ashcroft is fully aware of the way we work and shares our optimism in seeing the business run fully within its means. He is happy to see me and Vince run the business.”

Supporters are aware Watford’s financial position is not good and after ploughing £1.82m into the club in January, the Russos put more money into the club in March.

The Hornets made nine employees redundant in April, three of whom were from the operating board.

There is more restructuring of the backroom staff taking place at the moment due to the club’s Premier League parachute money coming to an end this summer, effectively meaning a reduction of £10m in income.

Players will be sold in the summer to raise cash but Russo is positive for the future and insists the club will continue to strengthen the squad by signing players also.

He said: “We have a need for a financial injection until we can stabalise the position of the club.

“What we are trying to do is find what is right for the business to meet the demands going forward. We are trying to encourage co-operation between the two biggest shareholders.”

Lord Ashcroft is the Conservative Party deputy chairman, with an estimated fortune of £1.1 billion.

In January, FourFourTwo magazine ranked him as the tenth richest man in British football.

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