Former Watford chairman Jimmy Russo has stressed that he does not want the club to enter administration.
Former chairman still hoping to avoid administration
Former Watford chairman Jimmy Russo has again stressed that he does not want the club to enter administration.
Such an outcome appeared almost inevitable after Russo and his brother Vince, who was vice-chairman, stepped down from their positions at a dramatic board meeting on Tuesday evening.
The Russo brothers immediately called in a £4.88million loan their company made to Watford and the club asked for trading in their shares to be suspended.
A £7.5million rights issue proposal, led by majority shareholder Lord Ashcroft's Fordwat company, was subsequently rejected by the Russos, leading to an angry outburst by former Watford manager Graham Taylor, now acting chairman of the club.
Russo has now responded by stressing that he has yet to formally apply to put the club into administration, while he hopes the matter can be sorted out.
"I am very keen to resolve the situation with the current board and like I have stated in the past I am quite happy to meet up with Fordwat or their representative to really understand what the new plan is all about," he told
Sky Sports News.
Not about personalities
"I cannot accept a situation where I am not given an explanation and I am expected to put nearly £2.5million into a project going forward.
"What I have done this morning to show my intent, we have actually written to the people from Fordwat to request a meeting so we can actually get this sorted out for the sake of the club.
"It shouldn't be about personalities, it should be about what is right for the club. Administration is not right for the football club.
"We have had no contact back as to a way forward so whether they want to play a bluff game I am not sure, but they shouldn't be doing that with the fans."
