Watford saved from administration threat

Watford have been saved from the threat of administration after majority shareholder Lord Ashcroft agreed to pay former chairman Jimmy Russo an immediate £4.88million. Russo had threatened to put the club into administration after demanding immediate repayment of the loans he made to the Championship club prior to resigning from the board on Tuesday. - Watford home - Championship League Table He rejected an initial proposal to defer the payment as part of a £7.5million rights issue tabled by Lord Ashcroft. However, the two parties have now come to an agreement which will avoid the threat of administration and a 10-point penalty being imposed on the club. "I'm relieved to have all this sorted out but it's disappointing it has taken so long," Russo told BBC Radio 5 live. "It has rescued the club and it is good for the club and I'm delighted. I didn't want to put them into administration. "I wish the football club all the best and they have got a good future." Meanwhile, the rights issue spearheaded by Lord Ashcroft will now go-ahead which will secure the future of the club until the end of the season.

Source: DSG