BusinessBusiness RecoveryWatford battles to avoid administration

Watford battles to avoid administration

Former chairman demands immediate loan repayment

Championship football club Watford is on the brink of administration after
former chairman Jimmy Russo refused to allow his £4.88m loan to be deferred.

Russo resigned as chairman on Tuesday and wants his money back immediately,
or he will force the club into administration, resulting in a 10-point penalty.

Watford has asked for more time to repay the loan while they finalise a
rescue deal, currently being worked on, reports the
BBC.

Russo claims that the current planned £7.5m rights issue led by the Fordwat
company was not viable and that his “significant and repeated” efforts to save
Watford had been rebuffed by the club.

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