Source: Team_Talk
Taylor takes on Hornets position
The 65-year-old has taken on the role after Jimmy Russo resigned on Tuesday and demanded the immediate repayment of a loan of almost £5million.[LNB]Taylor is attempting to stave off the threat of administration and wants Russo to accept a proposal from major shareholder Lord Michael Ashcroft, who is underwriting a £7.5million rights issue in a bid to repay the loan and keep the club afloat.[LNB]Taylor is already a hero at Watford, having guided the Hertfordshire club to the top-flight, Europe and the FA Cup final during his two successful spells in charge.[LNB]But his legendary status will increase still further if he can help the Hornets avoid administration and the subsequent 10-point penalty which would send them plunging towards the Championship relegation zone.[LNB]He said: "Today I accepted to become Watford's interim chairman during this difficult period for our club.[LNB]"I do so because the very fabric of what this club is, is at risk due to our well-documented financial problems.[LNB]"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.[LNB]"The board and I fully support the proposal put forward by Lord Ashcroft to help Watford get out of its current predicament.[LNB]"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.[LNB]"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."[LNB][LNB]
