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

10:20am Sunday 14th June 2009 in


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.

Comments(15)

b.kelso says...
12:10pm Sun 14 Jun 09

If Lord Ashcroft has an estimated fortune of 1.1 billion....Let's see your passion man and get some money into the club. How do we want to see the club moving forward Jimmy??? I personally want to see us back in the Priemership with the ground sorted! If we could then become a stable bottom half Priemership team, Lord Ashcroft would soon see a return in his investment! Not too much to ask is it....!!!??? You Orns!!

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GrahamTaylor says...
12:54pm Sun 14 Jun 09

I just want a well run club we can be proud of fark the premiership it kills teams like Watford. Look at the three that went downd this year.

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WFC4ever says...
7:30pm Sun 14 Jun 09

b.kelso wrote:
If Lord Ashcroft has an estimated fortune of 1.1 billion....Let's see your passion man and get some money into the club. How do we want to see the club moving forward Jimmy??? I personally want to see us back in the Priemership with the ground sorted! If we could then become a stable bottom half Priemership team, Lord Ashcroft would soon see a return in his investment! Not too much to ask is it....!!!??? You Orns!!
He probably doesn't even know what colour kit we play in...that is the sad thing.

The Russos will do their best but they have not got the money to fund us totally and need help.

I wish them well (and Malky)

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Garston Tony says...
8:45am Mon 15 Jun 09

Good to read that there is some dialogue going on, hope that they can sort something out! As to Ashcrofts riches im thinking its going to be mostly in investments and that he doesnt have that amount in cash , still would be nice if he helped out.

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UZZY says...
11:15am Mon 15 Jun 09

Is is the start of trying to avoid a loss of 10 points ?

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worthing_hornet says...
11:53am Mon 15 Jun 09

only WE could get a billionaire invester - NOT interested in football - mind you at least he would be consistent - he wasn't giving us any money when we were successful either was he?

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worthing_hornet says...
11:57am Mon 15 Jun 09

anyway it could be a fun season for us any how, the frozen one coming back with Reading and now reporsts of AB being interested in the Swansea and West Brom job. I think the Russo's have it worked out, spread our poor management and players throughout the teams in the division and thus Watford conquers the championship - Seemples

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Mo Tulon says...
12:28pm Mon 15 Jun 09

Administration followed by relegation.
League 2, followed by the Blue Square for your horrible club.
Can't wait.

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The Rover says...
12:37pm Mon 15 Jun 09

Mo Tulon wrote:
Administration followed by relegation. League 2, followed by the Blue Square for your horrible club. Can't wait.
Sorry Mo, its not going to happen! Go and get back to your own Blue-Square football, before your club join a Sunday League at the local park.

Security word: loan-from

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JB11 says...
12:58pm Mon 15 Jun 09

might as well try and buy him out - can't see where ashcroft is giving anything back to the club

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worthing_hornet says...
1:12pm Mon 15 Jun 09

JB11 - do you think we can borrow the money from him and get him to claim it back on his expenses - just a thought

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enlightened one says...
1:15pm Mon 15 Jun 09

Really why do you bother,nobody on here cares what you have to say,you really are an odious scumbag.

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The Rover says...
1:34pm Mon 15 Jun 09

Dont use such long words, he wont understand

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the sniper says...
3:39pm Mon 15 Jun 09

Mo Tulon wrote:
Administration followed by relegation. League 2, followed by the Blue Square for your horrible club. Can't wait.
You can't stand WFC sorting out the club before it's to late,unlike your own shower,BSq next season and you'll still have the worst ground in the division .....lol

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WD18Firm says...
7:25am Tue 16 Jun 09

Ashcroft has probably written off his 'investment' - he must know he is unlikely to get much of it back.

I personally would rather we spent any money finishing the ground rather than trying to get back in to the premiership... we've gone up twice and both times we've wasted the legacy within twelve months.

Oh and Mo Tulon - we'll never play you again mate so you can say what you like - we really don't care about your insignificant club anymore.

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