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
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.