AgentAxeman 86 Posted December 16, 2009 Share Posted December 16, 2009 (edited) Whoops just realised ive put this in the NUFC forum. Can someone move it please. Ta! Watford Football Club stands on the brink of administration after asking for trading in their shares to be suspended this morning. The club's financial turmoil spilled into the boardroom yesterday when directors Jimmy and Vince Russo and Robin Williams told the club's AGM they were resigning with immediate effect. The club has now issued a statement to end trading of their shares on the Alternative Investment Market (AIM). "Pending resolution and clarification of their financial position, the company have requested that their shares be suspended from trading on AIM," a statement read. "In the event that a funding solution cannot be obtained then the company may have to be placed in administration. A further announcement will be made in due course." Related Links The Russos had already injected more than £4 million in loans from their company, Valley Grown Salad, however they have now demanded repayment by the end of business today. The move comes a fortnight after Jimmy Russo, the chairman, had lent Watford's holding company £1 million last month in order to keep the club going until December 22. Under the guidance of Graham Taylor, Watford rose from division four to finish second behind Liverpool during their first season in the top tier of English football in 1983. A year later they reached the FA Cup final, losing 2-0 to Everton. Reacting to the current crisis, Taylor admitted it was a "very crucial time in this club's future". "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," he told The Watford Observer. "I make no bones about saying that because that is a reality," he added. not looking good for them Edited December 16, 2009 by AvatarAxeman Link to comment Share on other sites More sharing options...
ewerk 26802 Posted December 16, 2009 Share Posted December 16, 2009 So it's their former chairman putting them into administration then? Link to comment Share on other sites More sharing options...
Marko 0 Posted December 16, 2009 Share Posted December 16, 2009 So it's their former chairman putting them into administration then? pretty much, he's resigned and asked for a £5m loan back by the end of today from what I understand Link to comment Share on other sites More sharing options...
Monkeys Fist 39166 Posted December 16, 2009 Share Posted December 16, 2009 So it's their former chairman putting them into administration then? pretty much, he's resigned and asked for a £5m loan back by the end of today from what I understand A cold chill has just run down my spine Link to comment Share on other sites More sharing options...
TheMoog 0 Posted December 16, 2009 Share Posted December 16, 2009 So it's their former chairman putting them into administration then? pretty much, he's resigned and asked for a £5m loan back by the end of today from what I understand A cold chill has just run down my spine Don't worry bud, it'd never happen to us because our owner's too much of a tight arse to do that. Link to comment Share on other sites More sharing options...
Monkeys Fist 39166 Posted December 16, 2009 Share Posted December 16, 2009 So it's their former chairman putting them into administration then? pretty much, he's resigned and asked for a £5m loan back by the end of today from what I understand A cold chill has just run down my spine Don't worry bud, it'd never happen to us because our owner's too much of a tight arse to do that. hope so Link to comment Share on other sites More sharing options...
Craig 6321 Posted December 16, 2009 Share Posted December 16, 2009 Lot of Watford fans in the office looking a bit gloomy. The Luton fans however are rejoicing, particularly as the Watford lot took the piss big time when it went tits up for Luton. Link to comment Share on other sites More sharing options...
Giraffidae 0 Posted December 16, 2009 Share Posted December 16, 2009 the Watford fans will be hoping that Elton John goes back in the closet and becomes a ‘football fan’ again to prove it. Link to comment Share on other sites More sharing options...
blackandwhiteboy 0 Posted December 17, 2009 Share Posted December 17, 2009 Seems like a pretty dire situation for Watford, that is big money owed and a number of their directors resigned yesterday. Most fans will be hoping the sun does not go down on Vicarage Road. Link to comment Share on other sites More sharing options...
Martin 0 Posted December 17, 2009 Share Posted December 17, 2009 Is Cleverley on loan at Watford till the end of the season or just January? They might not be able to keep hold of him considering the circumstances. From what I've seen of him I would love him here for the rest of the season. Link to comment Share on other sites More sharing options...
Marko 0 Posted December 18, 2009 Share Posted December 18, 2009 Is Cleverley on loan at Watford till the end of the season or just January? They might not be able to keep hold of him considering the circumstances. From what I've seen of him I would love him here for the rest of the season. i'm not too sure what the situation is regarding loanee's when a clubs in administration, are they still able to play them? Link to comment Share on other sites More sharing options...
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