Watford FC on brink of administration

128px-Watford.svgWatford Leisure, the owner of Watford Football Club, could fall into administration by close of business today if demands to repay loans of £4.9 million are not met.

Chairman Jim Russo and senior board members Vince Russo and Robin Williams resigned at the club AGM on Tuesday and immediately demanded the repayment of £4.9 million of loans to Valley Grown Salads, a business that the Russo’s have a stake in.

Watford FC will automatically face a ten point penalty if they do go into administration, dropping them from current tenth in the league on 30 points, to second from bottom of the Championship.

Former manager Graham Taylor has taken over as temporary chairman of Watford, but no comment on the financial situation has been made as yet.

Could former owner Elton John help his much loved club out?  Well he is planning a concert to help raise funds for the club in May next year, but that may be too little too late for the club.