Watford directors David Fransen and Stuart Timperley removed from board of club's parent company

2:52pm Thursday 21st June 2012 in Watford FC News Photograph of the Author By Frank Smith, Deputy Group Sports Editor

David Fransen and Stuart Timperley have been removed as directors of Watford FC's holding company Watford Leisure Limited.

However, the duo will remain as directors of the club (Watford Association Football Club Limited).

The club statement read: "The Watford Association Football Club Limited announces that Mr. David Fransen and Professor Stuart Timperley have received notification from Watford FC Limited of their removal as directors, with effect from 19 June 2012, from the Board of Watford Leisure Limited, the immediate holding company of the Club. Both Mr. Fransen and Professor Timperley remain and continue as directors of the Club."

There are three companies currently in use relating to the ownership of the club. Watford Association Football Club Limited is the club itself, Watford Leisure is the holding company which has been in use for many years and Watford FC Limited was set up by Bassini to take over the club.

The Watford Observer understands Fransen and Timperley's removal as directors of Watford Leisure is because the holding company will remain in Bassini's control following the takeover by the Pozzo family, which is still set to take place.

Comments(26)

aussihornet says...
3:01pm Thu 21 Jun 12

Looks like ties with Baz are being severed. But the two of them at present look to still have a roll once the takeover is complete. Good News so far then!

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Toshhorn says...
3:03pm Thu 21 Jun 12

Can someone please explain all this in simple terms.
3 companies, who own what?

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garston tony says...
3:09pm Thu 21 Jun 12

Tosh it seems Watford FC Ltd (owned by LB and it seems going to continue to be owned by him) owns Watford Leisure which owns the club itself, Watford Association Football Club Ltd.

LB is selling Watford Leisure and therefore the club, looks like Fransen and Timperley going to remain involved with the club after the sale (at least for a little bit anyway) and LB is just removing them from his company which he is keeping hold of for whatever reason.

Quite a few clubs are owned by 'parent' companies like Watford Leisure and I understand that is possibly for tax/financial reasons and to allow associated businesses to be run but not directly part of a football club

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tonupchris says...
3:10pm Thu 21 Jun 12

I think and don't quote me on this. Watford leisure was created to take over Watford FC but now that The Pozzo Family have bought the club there is no need for these two to be involved in that company anmore hence they are still directors of Watford Football Club. Don't know about the third but I would suggest reading this that the takeover is very close now.
Somebody please correct me if I'm wrong about this.

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Sy says...
3:14pm Thu 21 Jun 12

Hmmmm, wonder what's in Watford FC Limited? The pub?

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smeg says...
3:17pm Thu 21 Jun 12

Sy wrote:
Hmmmm, wonder what's in Watford FC Limited? The pub?
That's a good point. Maybe not a bad thing. Can't see the Italians being that bothered about the pub.

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WFC4ever says...
3:17pm Thu 21 Jun 12

Is this a good thing to lose 2 long serving directors who support and know what the club means but have Bas still around?

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Colin West's mullet says...
3:25pm Thu 21 Jun 12

Sy wrote:
Hmmmm, wonder what's in Watford FC Limited? The pub?
the safe where Baz keeps all his old surnames.

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akureyri says...
3:26pm Thu 21 Jun 12

A holding company with nothing to hold, interesting.

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Toshhorn says...
3:46pm Thu 21 Jun 12

Thanks Garston Tony, so he will own a holding company, called Watford FC, which owns very little (Except for the Pub maybe), hmmm, what about the ground? who owns that?

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tonupchris says...
4:09pm Thu 21 Jun 12

WFC4ever wrote:
Is this a good thing to lose 2 long serving directors who support and know what the club means but have Bas still around?
The two directors are still involved they have on left Bas's company which may own a pub.

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tonupchris says...
4:13pm Thu 21 Jun 12

This maybe the reason why Bassini has had so many companies that have gone in to liquidation. He sets up a company to look after the purchase of another which he sells at a profit and then liquidates the first. Wouldn't mind betting that Watford FC Ltd goes in to liquidation shortly after the sale.

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Paul Gadd says...
4:23pm Thu 21 Jun 12

hope the pozzos replace them with Robert de Niro and Joe Pesci

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stevyweavy says...
4:26pm Thu 21 Jun 12

I presume that what is happening is to make it a clean purchase for the Pozzo family / investors. Watford Leisure owns all of the shares in Watford Association Football Club. Franzen & Timperly are being removed from Watford Leisure and re-instated into just the actual football club i.e. the day to day company running Watford Football Club. Bas owns all the shares in Watford FC Ltd a company set up to purchase 100% of Watford Leisure. Watford Leisure is likely to hold the ground, pub etc.. Bas I presume will be selling 100% of Watford Leisure thereby relinquishing all control to Pozzos. Watford FC Ltd being the vehicle to put his money in initially and now get his money back out of the club by way of sale of Watford Leisure. Bas will presumably take the money out of Watford FC Ltd and he will either keep the shell company left as a keep sake or he will wind it up as it will no longer serve any purpose.

I can see no way that Bas will be kept on in any capacity or have any stake in the company after the acquisition. He is presumably expecting to walk away with a tidy £1 - £2 million profit from his 15 months of tenure. I for one say fair play to him - I wouldn't trust him as far as I can throw him but if this all goes through then he leaves the club in a far better state than when he took over and has done far more for the club than anyone else in recent years.

The Pozzos will then hold 100% of Watford Leisure and thereby have 100% control of Watford Football Club.

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buckler says...
4:28pm Thu 21 Jun 12

The pub will be turned into a winebar/Pizza place as the current refurb deemed as cheap and tacky!

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jasonwatford says...
4:36pm Thu 21 Jun 12

I heard its being changed into a prezzo restaurant.....calli
ng it Pozza at the yellow and red Prezzo

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mile high ron says...
4:37pm Thu 21 Jun 12

smeg wrote:
Sy wrote: Hmmmm, wonder what's in Watford FC Limited? The pub?
That's a good point. Maybe not a bad thing. Can't see the Italians being that bothered about the pub.
www.companiesintheuk
.co.uk/ltd/yellow-an
d-red-lion

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BarryTheHornet says...
6:13pm Thu 21 Jun 12

Off for a pizza and gelato.

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JohnnyHornet says...
6:44pm Thu 21 Jun 12

Does this mean cheap ice creams as well.

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JohnnyHornet says...
6:45pm Thu 21 Jun 12

Does this mean cheap ice creams as well, and just a last thought I hope this all goes through before Sunday Night, could be some well peed off Ities come 22.30

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akureyri says...
7:06pm Thu 21 Jun 12

I asked for the rumpi pumpi. Oh no, tutti frutti.

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Napalm Pudding says...
7:12pm Thu 21 Jun 12

So despite being bored stupid by the whole finance thing he invested £440k, managed the club on revenue and player sales, then walks away with £1m plus? Gross profit £560k? Presumably they pay Ashcroft et al?? Oh and he has a pub. In West Watford.

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Supporter in Spain says...
7:22pm Thu 21 Jun 12

stevyweavy wrote:
I presume that what is happening is to make it a clean purchase for the Pozzo family / investors. Watford Leisure owns all of the shares in Watford Association Football Club. Franzen & Timperly are being removed from Watford Leisure and re-instated into just the actual football club i.e. the day to day company running Watford Football Club. Bas owns all the shares in Watford FC Ltd a company set up to purchase 100% of Watford Leisure. Watford Leisure is likely to hold the ground, pub etc.. Bas I presume will be selling 100% of Watford Leisure thereby relinquishing all control to Pozzos. Watford FC Ltd being the vehicle to put his money in initially and now get his money back out of the club by way of sale of Watford Leisure. Bas will presumably take the money out of Watford FC Ltd and he will either keep the shell company left as a keep sake or he will wind it up as it will no longer serve any purpose.

I can see no way that Bas will be kept on in any capacity or have any stake in the company after the acquisition. He is presumably expecting to walk away with a tidy £1 - £2 million profit from his 15 months of tenure. I for one say fair play to him - I wouldn't trust him as far as I can throw him but if this all goes through then he leaves the club in a far better state than when he took over and has done far more for the club than anyone else in recent years.

The Pozzos will then hold 100% of Watford Leisure and thereby have 100% control of Watford Football Club.
If I read the report correctly, I believe Bassini is only selling Watford Association Football Club Limited, which is why Timberley and Fransen will only be that board. I would imagine Bassini will have no further need for Watford Leisure or Watford FC Limited and will liquidate them once the sale goes through. Hence the need to remove them from the Watford leisure board.
I would feel confident the ground is in Watford Association Football Club, as I can't see the Pozzo's buying that company without the ground.

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Retlas says...
7:53pm Thu 21 Jun 12

Where's Benskins when you need them. Oh so simple then!

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smalon says...
9:31pm Thu 21 Jun 12

I like pizza.

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garston tony says...
9:31am Fri 22 Jun 12

Setting up a company to buy a club doesn’t seem that un common. LB is keeping Watford FC ltd probably as he is likely to keep the pub by the sounds of it. He'll be selling Watford Leisure (which in turn owns the club itself and has done for many years now) to the Pozzos.

I seem to recall the ground is owned by Watford Leisure but don’t quote me on that, but I agree that the Pozzo's and co wont buy the club if the ground is not part of the deal. Although isnt it quite common in Italy for clubs to rent their grounds from the local authorities?

Seeing as LB's only actual role at the club is interim chairman and the new owners will install their own man in that position I doubt LB will have any role at the club after he sells it.

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