Source: Team_Talk
Russo: Hornets were on the brink
Russo delivered the news at a fans forum on Thursday, saying: "The reality is - and there is no spin - the facts are both my brother and myself, since January, have put £3.7million back into this club to keep it going.
"On three occasions we could have gone into administration. On three occasions, not just once. And I keep putting the money in, so I put my money where my mouth is."
Russo went on to add that Watford currently "have a shortfall of £8.5million", but reassured fans that a plan was in place and he was "confident going forward".
Watford have recently managed to recoup substantial funds through the sales of Tommy Smith, Jobi McAnuff, Tamas Priskin and Mike Williamson.
When asked if the money from those sales would be put back into Malky Mackay's transfer kitty, Russo replied: "No it won't because we have to repair the hole that we have. If I committed all that money, we would go into administration and there is not one person in this room who wants us to go into administration. That is the last thing we want. So we have to be very careful."
