Football

Hornets facing uncertain future

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Watford's future remains uncertain, with the Coca-Cola Championship club on the brink of going into administration.

Chairman Jimmy Russo on Tuesday night resigned and demanded the club repay him a loan of £4.88million "by the close of business" on Wednesday, giving them only hours to solve their financial problems.

Russo lent the club £1million last month to keep them afloat until next week but he, his brother and vice-chairman Vince Russo, and director Robin Williams all stepped down at a dramatic AGM.

The club on Wendesday morning asked for trading in the shares of their parent company to to be suspended and there has been no further word on the situation from Vicarage Road.

Watford's legendary former manager, ex-England boss Graham Taylor, ended up chairing the meeting and admits he fears for the future of the club.

Taylor, now a non-executive director, told the Watford Observer: "Whatever happens, we are at a very crucial time in this club's future, it goes without saying.

"Now we can all look back and decide who we want to blame for this and say this and that but the reality is that there is not going to be much gained.

"In fact, I can't see anything being gained if we keep referring back to whatever has happened for whatever reasons.

"I believe in looking forward. This is what it is, this is the reality. We have to face up to it, we are threatened with administration and the demand from Jimmy and Vince for their money to be returned will put us into administration. I make no bones about saying that because that is a reality.

"They did put the money into the club and they will have their side of the argument but, at the present time, by demanding their secured loans, unless somebody comes to our rescue, we will go into administration."

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Topics:
Watford
Football
Championship

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