Former Watford chairman Jimmy Russo plunges Hornets into administration

17 December 2009 19:16
Former Watford chairman Jimmy Russo has turned down the club's plea to defer the repayment of his £4.88million loan and will instead put them in administration.[LNB]Russo resigned on Tuesday and demanded his money back by today despite the ramifications for the club, who would be deducted 10 points and plunged towards the relegation zone in the Coca-Cola Championship.[LNB] Icy future: It's not just the weather that is bleak at Watford's Vicarage Road[LNB]Hornets manager Malky Mackay and legendary ex-boss Graham Taylor -now acting chairman - have begged Russo to suspend his demand in favourof a £7.5million rights-issue rescue package from majority shareholderLord Michael Ashcroft.[LNB]But Russo has snubbed the proposal and is to call in the administrators.[LNB]65-year-old former England boss Taylor took on the role after Russo resigned on Tuesday and demanded the immediate repayment ofa loan of  £4.88million.[LNB] Yellow peril: Watford's Adrian Mariappa (right) tries to get away from QPR's Patrick Agyemang[LNB]Watford are currently just two points off the Coca-ColaChampionship play-off places, but a 10-point penalty would leave themtwo points above the drop zone.[LNB] Watford face administration as club's former chairman calls in his £5m loanBoard departures stir hornet's nest as crisis Watford deepensTottenham target Loach would love to join Redknapp at White Hart LaneFootball on the brink: Liverpool and Manchester not immune from financial crisisFOLLOW WATFORD FC IN OUR STATS ZONE  

Source: Daily_Mail