Former Watford manager Graham Taylor has been appointed interim chairman at Vicarage Road.
The 65-year-old former England boss has taken on the role after Jimmy Russo resigned on Tuesday and demanded the immediate repayment of a loan of almost £5million.
Taylor is attempting to stave off the threat of administration and wants Russo to accept a proposal from major shareholder Lord Michael Ashcroft, who is underwriting a £7.5million rights issue in a bid to repay the loan and keep the club afloat.
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