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
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.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children