Business Directory

Browse the Directory

Sign Up to the Directory

FC Business Twitter
FC business Linked in
FC Business facebook
FC Business Youtube

Watford Footall Club face Administration

Fri 18th Dec 2009 | Football Club Administration

Watford FC face administration after former Chairman, Jim Russo demanded the club repay a £4.88 million loan. The threat came after Russo resigned from the board along with Vince Russo and Robin Williams at the clubs AGM on tuesday.

Jim Russo had to loan Watford GBP 1 million earlier in December when it became obvious that the club did not have enough to function beyond December 22nd. The shares of Watford Leisure have been suspended. The board has indicated that in the absence of a solution to the funding problem, the company may need administration.

According to the BBC, if the loan is not returned by Wednesday evening, independent accountants will take charge of the club as a part of the move to administration. There will also be a 10-point automatic penalty on the team and the team will drop to fourth place from the bottom in the Championship League. They will be barely one step away from the relegation zone.

Add to: Google Google | Yahoo Yahoo | Live Live | del.icio.us del.icio | Digg Digg |

Related Articles

Notts County Ladies Folds Following Huge Debts

Fri 21st Apr 2017 | Football Club Administration

Notts County Ladies Football Club have folded after Alan Hardy admitted defeat in his bid to save the club which faced a near-£1million bill to stay afloat this season. The Notts County chairman...

Bolton Wanderers Sell Training Ground To Wigan

Fri 19th Feb 2016 | Football Club Administration

Bolton Wanderers have today confirmed the sale of its Euxton training ground to ‘another North West football club’. The Championship club have debts totalling £172.9m and are...

Northampton Town Application For Administration Withdrawn

Fri 11th Dec 2015 | Football Club Administration

Northampton Town Football Club has confirmed that the application for administration has been officially withdrawn. Legal agreements had been reached this week between the club and Northampton Borough...

HMRC Hands Bolton Wanderers Winding Up Petition

Thu 10th Dec 2015 | Football Club Administration

Bolton Wanderers have been handed a winding up petition by HMRC it’s been confirmed. The club, who are currently bottom of the SkyBet Championship, have debts of over £170m and have failed...