Watford have appointed Graham Taylor as interim chairman at Vicarage Road.
Cash-strapped club turn to former manager to replace Russo
Watford have appointed Graham Taylor as interim chairman at Vicarage Road.
The Championship club, who are battling to avoid going into administration, have named Taylor as interim chairman following Adrian Russo's decision to resign from the role on Tuesday evening.
Watford have asked Russo to suspend his demand for repayment on a £4.88million loan to avoid going into administration, after the former Hornets supremo set a deadline of Thursday for it to be repaid.
The club's major shareholder Lord Michael Ashcroft has underwritten a £7.5million share issue, which the club says guarantees Russo his money in the future and would ensure the club stays afloat.
Taylor, who enjoyed two spells as manager at Vicarage Road, is a member of the club's board and he has now been appointed as chairman on a temporary basis until a new man is found.
"Today I accepted to become Watford's interim chairman during this difficult period for our club," Taylor told the club's official website.
"I do so because the very fabric of what this club is, is at risk due to our well-documented financial problems.
"I, together with the rest of the non-executive members of our board, have worked tirelessly over the past days and weeks to find an appropriate solution.
"The board and I fully support the proposal put forward by Lord Ashcroft to help Watford get out of its current predicament.
"We believe this proposal offers the best route for the club to remain competitive on the pitch and allows for some financial security off it.
"The threat of administration does hang over us and I, alongside the rest of the directors, hope that Jim and (former vice-chairman) Vince Russo will defer their demand for payment and also do what is right, as they always said they would, for the future of Watford Football Club."
