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Post by Zamoraaaah on Dec 15, 2009 21:39:06 GMT
As noted by hoopstilidie on LFWThree Watford directors resign from cash-strapped clubnews.bbc.co.uk/sport1/hi/football/teams/w/watford/8415104.stmThree members of the board at Championship side Watford have resigned at the annual general meeting of the cash-strapped club's parent company. Chairman Jimmy Russo, Vince Russo and Robin Williams have stood down from their positions on the board. But former England boss Graham Taylor, Stuart Timperley, Julian Winter and David Fransen remain in place. Watford's future looked uncertain going into the meeting as they need £5.5m by June 2010 to avoid liquidation. Russo had to loan the club's parent company £1m just to survive the next month. But that loan will only be enough to cover the holding company's immediate cash needs until 22 December. Watford have been negotiating with former chairman Graham Simpson and Lord Ashcroft, the club's two major shareholders.
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Post by QPR Report on Dec 16, 2009 7:29:14 GMT
Good luck to Watford: One of those small clubs who "punched above their weight" - I thought they were well run! Guardian Watford turmoil increases after directors resign• Jimmy Russo, Vince Russo and Robin Williams resign • Hornets must find £5.5m before June to survive Matt Scott guardian.co.uk, Tuesday 15 December 2009 Watford's financial turmoil spilled into the boardroom tonight when the directors Jimmy and Vince Russo and Robin Williams told the club's AGM they were resigning with immediate effect. The move comes only a fortnight after the club's chairman, Jimmy Russo, provided £1m of interim finance to cover cashflow difficulties earlier this month. The Russos had already injected £3.88m in loans personally and from their company, Valley Grown Salads. In resigning Russo expressed his dissatisfaction at an investment proposal from Michael Ashcroft, the billionaire major shareholder in the Vicarage Road club. Russo considered Lord Ashcroft's offer, which required the Russos to provide still more financing to the club in return, to be onerous and had made his position untenable. One shareholder present at today's meeting said Russo was given a standing ovation from small shareholders in thanks for his contribution. Watford's financial need is still pressing: it must find £5.5m before June if it is to survive. www.guardian.co.uk/football/2009/dec/15/watford-russo-directors-resign |
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Post by blockhead on Dec 16, 2009 17:40:06 GMT
Watford need £4.9million today to avoid administration Premium Article ! from......  Published Date: 16 December 2009 Under pressure Watford FC need to find £4.9million by end of business to avoid going into administration. The club's parent company Watford Leisure have to pay the money today (December 16) after Jimmy and Vince Russo and director Robin Williams resigned from the club at the start of Tuesday night's Annual General Meeting. The club issued a statement yesterday to confirm that executive chairman Jimmy Russo, executive vice-chairman Vince Russo and non-executive director Mr Williams had left the club following. Now the brothers, who have stakes in Valley Grown Salads has asked the club to pay back the millions it owes to the company. Their resignation left former Watford and England manager Graham Taylor to take the role of acting chairman for the remainder of the meeting. Non-executive directors David Fransen, Stuart Timperley and Taylor, and chief executive officer Julian Winter have all been reelected to the board. |
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Post by QPR Report on Dec 16, 2009 17:42:36 GMT
I've seen some posters laughing about it. I see nothing to laugh at for any Football Club in trouble. And I don't anyway have a problem with Watford, who have been until recently, a great example of a little club doing well
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Post by blockhead on Dec 16, 2009 17:47:52 GMT
so what happens now, will they go in to admin tomorrow?
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Post by Zamoraaaah on Dec 16, 2009 19:32:03 GMT
Guess so.
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Post by QPR Report on Dec 17, 2009 8:39:31 GMT
Good luck Watford  This was the Tuesday statement on Watford Off Site CLUB STATEMENT Wed 16 Dec 2009 THE Club can this evening (Tuesday) confirm that Valley Grown Salads (VGS) representatives, Executive Chairman Jimmy Russo, Executive-Vice Chairman Vince Russo and Non-Executive Director Robin Williams, have all resigned from the board of Watford Leisure PLC. The 2009 Annual General Meeting of the Club's parent company, Watford Leisure PLC, took place in the Corporate Lounge at the Club's Vicarage Road Stadium. Non Executive Director Graham Taylor took over as acting Chairman for the remainder of the meeting. Non-Executive Directors David Fransen, Stuart Timperley and Taylor, as well as Chief Executive Officer Julian Winter, have all been re-elected to the board The board of Directors will be meeting in due course and a further statement will be released. |
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Post by Lonegunmen on Dec 17, 2009 8:53:22 GMT
There's only two clubs I really would laugh at. that one based down in Knights rd and that red lot in manchester.
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Post by QPR Report on Dec 17, 2009 13:44:25 GMT
I really don't follow it in detailed: HOW did Watford get into such a situation? And can we learn anything?
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Post by cpr on Dec 17, 2009 15:31:24 GMT
I really don't follow it in detailed: HOW did Watford get into such a situation? And can we learn anything? They appointed Vialli and Wilkins and went all billy big bollox. |
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Post by QPR Report on Dec 17, 2009 16:25:56 GMT
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Post by QPR Report on Dec 17, 2009 17:46:11 GMT
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Post by blockhead on Dec 17, 2009 18:54:50 GMT
www.eatsleepsport.com/watford/hornets-heading-for-points-deduction-992758.htmlHornets heading for points deduction Last Updated: Thu, 17 Dec 2009 18:10 Watford Watford look set to go into administration after ex-chairman Jimmy Russo rejected the club's proposal to pay him back almost £5million.
Russo, who resigned on Tuesday, gave Watford a deadline of Thursday to come up with the cash, which was due to his company Valley Garden Salads. Lord Ashcroft then agreed to underwite a £7.5m share issue to raise the funds but Watford needed an extension to the Russo deadline in order to pull it off. However, a statement from the company said: "VGS has rejected the proposal for an extension." The ten point deduction that the Football League would apply upon entering administration would drop Watford to fourth bottom of the Championship table.
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Post by QPR Report on Dec 17, 2009 23:15:54 GMT
Mirror - Former Watford boss Graham Taylor hits out at 'malicious' Jimmy Russo as club heads for administration Former Watford manager Graham Taylor has accused Jimmy Russo of deliberately trying to wreck the club. Russo resigned as chairman at Vicarage Road on Tuesday night and Taylor has since been appointed interim chairman But the Hornets now face administration after Russo demanded the repayment of a £4.88million loan, having rejected a late rescue package from majority shareholder Lord Michael Ashcroft. A passionate Taylor lambasted Russo’s decision, claiming he could have waited three to four weeks and still had his money without jeopardising the club. Taylor said: “Russo has been saying he has the love of the club and the future of the club at heart. The deal on the table would mean he would get his money in three to four weeks but by insisting that he wants the club to go in to administration I feel that there is something malicious about it. “Malky Mackay and the players and staff have done superbly. All of this has been simmering in the background. But I have spoken to [former chairman] Sir Elton John and he is at a loss to understand why this is happening. “It is hard to say why this club has to go in to administration when there is a way out. Elton is more than disturbed that Russo is taking this course of action. We have until Tuesday as far as I understand it, but to see how this has developed and what has been going on behind the scenes really disturbs me.” And Taylor added that club officials can’t even speak directly to Russo. “The only thing we can do at the moment is go through their representatives because we can’t get through to him.” Russo turned down the club's plea to defer the repayment of his loan and demanded his money back despite the ramifications for the club, who would be deducted 10 points and plunged towards the relegation zone in the Championship if they went in to administration. Taylor and Mackay begged Russo to suspend his demand in favour of a £7.5m rights-issue package from Ashcroft. But in a statement issued via his company, Valley Grown Salads, Russo claimed the proposal from Lord Ashcroft's company, Fordwat Limited, is not viable. Russo also says his "significant and repeated" efforts to save Watford have been rebuffed by the club and Lord Ashcroft. The statement read: "The rights issue proposal, while it might superficially be attractive, does not bear close examination. It gives Fordwat the opportunity to consolidate its control of the company without making an offer to other shareholders. "In the circumstances, VGS has rejected the proposal, has announced its intention to appoint an administrator of the club and will now be serving a formal demand on Watford Leisure PLC under the terms of its guarantee for repayment of the debt owed by the club to VGS. "VGS has been left with no alternative than to take these steps. It does so with the greatest reluctance and only after significant and repeated efforts on its part to salvage the club have been rebuffed by the board and by Fordwat." www.mirrorfootball.co.uk/news/Former-Watford-boss-Graham-Taylor-hits-out-at-malicious-Jimmy-Russo-as-club-heads-for-administration-article260979.html |
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Post by QPR Report on Dec 18, 2009 7:23:11 GMT
Guardian Watford face administration after rescue plan is rejected• Championship club may be deducted 10 points • Graham Taylor brands former chairman 'malicious' Matt Scott guardian.co.uk, Thursday 17 December 2009 Watford will be put into administration after the club's former chairman, Jimmy Russo, and his brother Vince tonight rejected a £7.5m rescue package. Russo resigned on Tuesday and demanded a £4.88m loan be repaid by tonight despite the ramifications for the club, who would be deducted 10 points and plunged towards the relegation zone in the Championship. Earlier today Watford's majority shareholder, Lord Ashcroft, had offered to inject £7.5m in a bid to keep the club afloat. Ashcroft's proposal was to take place through a rights issue next month, fully underwritten by the Tory peer. However, the scheme demanded much in return from the Russos who will instead now turn towards the administrators, despite a backlash of criticism. Graham Taylor, Watford's interim chairman, claims that Russo rejected the offer because it meant that he would receive his money immediately. "The Russos will not accept an offer that is on the table, which if they did accept they would be paid back their £4.88m, but it would be paid back in three to four weeks," he said. "I am at a loss to understand what it is that is making them take this action. I'm starting to feel now that there must be something malicious about them. I am very annoyed because I think they are putting the whole club at risk. This is unnecessary, this can be prevented. "We have a situation available to us which would stop us going into administration but they are refusing to accept that. Why? You've got to wonder why is he doing this? Does he see a chance that he is going to come in and buy it himself?" "This is the man who has talked about his love of Watford yet he is prepared to put the club at risk," he said. "Why? We can't seem to get an answer. We have a situation that can stop the club going into administration. They're putting the club at risk and I can only assume that he plans to step in somewhere down the line to rectify it." As shareholders, the Russos and Graham Simpson would have been called on to invest heavily into the equity issue in order to maintain their significant stakes in the club. For the Russos to prevent dilution of their 29.98% stake, they would effectively have been required to hand back £2.25m of the £4.88m loans as a non-returnable gift to the club. Simpson would also have to provide a £1.2m commitment to maintain the level of his stake. Failure to do so by both camps would lead to Ashcroft gaining control of the club through his underwriting ofthe share issue. In a statement issued via his company, Valley Grown Salads, Russo claimed the proposal from Lord Ashcroft's company, Fordwat Limited, is not viable. Russo also says his "significant and repeated" efforts to save the club have been rebuffed by the club and Lord Ashcroft. The statement read: "The rights issue proposal, while it might superficially be attractive, does not bear close examination. It gives Fordwat the opportunity to consolidate its control of the company without making an offer to other shareholders. "In the circumstances, VGS has rejected the proposal, has announced its intention to appoint an administrator of the club and will now be serving a formal demand on Watford Leisure PLC under the terms of its guarantee for repayment of the debt owed by the club to VGS. "VGS has been left with no alternative than to take these steps. It does so with the greatest reluctance and only after significant and repeated efforts on its part to salvage the club have been rebuffed by the board and by Fordwat." www.guardian.co.uk/football/2009/dec/17/watford-administration |
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Post by QPR Report on Dec 18, 2009 13:24:15 GMT
Watford Observer Watford Supporters' Trust chairman gives his views on Watford FC crisis 11:19am Friday 18th December 2009 By Frank Smith » Following Tuesday's dramatic AGM, Watford Supporters' Trust chairman Graham Sterry released this statement on Thursday morning with his own views on the current situation: 'I attended the AGM of Watford Leisure etc in my capacity as Chairman of Watford Supporters Trust. Since the AGM, the Supporters Trust has not been able to meet to formulate its views and there will undoubtedly be differing views and interpretations of events – some informed by having been there and through experience. Some not. My own interpretation of events is that the 3 directors representing the interests of Valley Grown Salads (Vince and Jimmy Russo and their nominee director Robin Williams) resigned because it was clear to them that they would inevitably be voted off the Board. A major shareholder had ensured that voting be on the basis of shareholdings of those voting. That is normal practice in a formal poll. Since the Russos between them own less than 30% of shares and the counter parties own in excess of 50% of shares, there could be only one result. The VGS directors resigned rather than be voted off the Board. However, at the same time, they demanded the immediate repayment of loans made to the Club by VGS. That immediately would force the Club into administration since it would be unable to meet its commitments. Were that to happen, the Club would immediately be docked 10 points by the Football League. Most of the clubs in the Championship have levels of indebtedness markedly greater than ours at Watford. In saying that, I am not making light of the loans that the Russo’s have had to make to Watford; nor of the efforts that they have made to make the Club successful. But I am astounded and disappointed that anyone with the best interests of the Club at heart would take such action. It is that single act of demanding immediate repayment of the loans that forces us into administration. Jimmy Russo was understandably emotional when he resigned. He stated, quite rightly, that he had tried to keep the Club afloat since he had taken over as Chairman. During that time, the other major shareholders (Lord Ashcroft and Graham Simpson) had not invested any new money into the club. VGS had been forced to make loans to keep the Club going. The last £1million would have run out before Christmas. In previous statements Jimmy had stated that following that he would be forced to place the Club into administration unless the other major shareholders made money available. He told the meeting that despite his phone calls, Fordwat representatives had not spoken to him. He further stated that they, VGS, had the funds and would invest, but only if VGS could acquire the Club from Lord Ashcroft and Simpson, on their terms. VGS had made a proposal to acquire their interest, but had had no response at all. During the course of the continued AGM, and after the VGS directors had all left the meeting, it was made clear that proposals had been received by VGS and also proposals presented by Lord Ashcroft and Simpson. The Board had resolved that both of these proposals would be evaluated urgently by a sub-group of the Board comprising the independent directors, including Stuart Timperley and Graham Taylor. That evaluation was incomplete. It was obvious that the independent directors were frustrated that VGS directors had resigned and pulled the administration trigger before the independent directors had been allowed to complete evaluation. That makes it very clear that this is all about the outright ownership of the Club. We have two groups of people who have invested in the past – one for many years - both claiming to have the funds and, crucially, the desire to continue funding the Club. We should be comfortable but for their inability to work together. Instead we are being pitch forked into administration as a device to wrest control of the Club. The Supporters Trust can only regret and abhor such destructive behaviour. We should not be facing administration. Just to finish off, with Graham Taylor as Acting-Chairman for the meeting, the AGM continued with voting on the Resolutions before the meeting. In particular these included the election or otherwise of the Board of Watford Leisure. Graham Taylor, Stuart Timperley, David Jansen and Julian Winter were re-elected. We shall continue to support them fully in their efforts for our Club. They are going to need it, and we need them to be successful.' www.watfordobserver.co.uk/news/4805058.Watford_Supporters__Trust_chairman_gives_his_views_on_Watford_FC_crisis/ |
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