Graham Taylor has branded former Watford chairman Jimmy Russo a "bad man" as the Coca-Cola Championship club's future continues to hang in the balance.
The Hornets look set to be forced into administration after Russo and brother Vince, the club's former vice-chairman, rejected a £7.5million rights-issue rescue package from majority shareholder Lord Michael Ashcroft on Wednesday evening.
Russo, who resigned his position on Tuesday, has demanded back the £4.88million he lent to the club despite the ramifications for Watford, who would be deducted 10 points and plunged towards the Championship relegation zone.
Russo insists it is "not his priority" to put the club into administration but interim chairman Taylor told Sky Sports News: "The threat of administration is very real and we are approaching the fact that if that money is not paid to Jimmy then he can put the club into administration.
"I saw an interview with Jimmy and he said he has not become a bad man overnight. I accept there is always more than one side to a story.
"But Jimmy, you walked into the AGM earlier this week, nobody knew what you were going to do, you resigned, you demanded immediately your £4.88million payable within 48 hours.
"Jimmy, that's when you did become a bad man. It was not in the interests of Watford Football Club."
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