Watford Footall Club face Administration
Fri 18th Dec 2009 | Football Club Administration
Watford FC face administration after former Chairman, Jim Russo demanded the club repay a £4.88 million loan. The threat came after Russo resigned from the board along with Vince Russo and Robin Williams at the clubs AGM on tuesday.
Jim Russo had to loan Watford GBP 1 million earlier in December when it became obvious that the club did not have enough to function beyond December 22nd. The shares of Watford Leisure have been suspended. The board has indicated that in the absence of a solution to the funding problem, the company may need administration.
According to the BBC, if the loan is not returned by Wednesday evening, independent accountants will take charge of the club as a part of the move to administration. There will also be a 10-point automatic penalty on the team and the team will drop to fourth place from the bottom in the Championship League. They will be barely one step away from the relegation zone.
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