Russo wants solution to Watford woe

The Hornets look set to be forced into administration after former chairman Russo and brother Vince, the club's former vice-chairman, rejected a £7.5million rights-issue rescue package from majority shareholder Lord Michael Ashcroft on Wednesday evening.Russo, who resigned his position on Tuesday, had demanded his loan back by Thursday despite the ramifications for the club, who would be deducted 10 points and plunged towards the Championship relegation zone.And his decision to refuse Lord Ashcroft's offer has horrified interim chairman Graham Taylor, who claimed he was "at a loss to understand what is making (the Russo brothers) take this action".But a defiant Russo told Sky Sports News: "It's not my priority to put the club into administration. It's not what I want to do."I want us to sit around the table and come up with a sensible solution to take the club forward."Russo described the proposal placed to him by Lord Ashcroft's company Fordwat Limited as "wholly unacceptable", adding: "It was a ridiculous offer."It entailed that I had to produce another £2.3million to buy my 30% stake back, so I get my £4.8million, then I've got to produce another £2.3million to retain my position in percentages."What they forgot to tell you is that they haven't offered me a place on the board. So, in essence I produce the money, I put the money into the club and actually have no say as to the way the business is being run."Russo also claimed he had made an offer to the Watford board last month, which would prevent the club from going into administration.He continued: "I will say this, and it has been out since November 6, I made an offer to the club to salvage it from going into administration."The directors who are there now have failed to tell you that they have not even responded to my request, which would mean that the club could trade healthily without a problem."He added: "My contribution to the football club over the last five or six years has been massive and everyone knows that in the town."I didn't wake up two days ago and become a bad guy. I became concerned, and I have been for a long time, at the treatment we have received, and we have been treated unfairly."Also, I would say we have had a difficult situation on the board. We have had elements wanting to do their own thing and it's fair to say that the board has been split for some time."

Source: Team_Talk