This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8415622.stm
The article has changed 5 times. There is an RSS feed of changes available.
| Version 3 | Version 4 |
|---|---|
| Watford close to administration | Watford close to administration |
| (about 19 hours later) | |
| Watford Football Club stands on the brink of administration following demands from creditors. | Watford Football Club stands on the brink of administration following demands from creditors. |
| The Championship side's parent company, Watford Leisure, has been asked to pay back £4.9m in loans before the close of business on Thursday. | |
| On Tuesday, several senior board members resigned at the company's AGM, and its shares have now been suspended. | On Tuesday, several senior board members resigned at the company's AGM, and its shares have now been suspended. |
| The board warned that the company may be put into administration if "a funding solution" is not found. | The board warned that the company may be put into administration if "a funding solution" is not found. |
| Board chairman Jim Russo and senior board members Vince Russo and Robin Williams resigned from the board on Tuesday, Watford said in a statement. | Board chairman Jim Russo and senior board members Vince Russo and Robin Williams resigned from the board on Tuesday, Watford said in a statement. |
| The club was then asked to pay back £4.9m in loans made by Valley Grown Salads - a company that Jim and Vince Russo have stakes in. | The club was then asked to pay back £4.9m in loans made by Valley Grown Salads - a company that Jim and Vince Russo have stakes in. |
| Mr Russo was forced to lend Watford a further £1m earlier this month when the club admitted that it only had funds to cover expenses until 22 December. | Mr Russo was forced to lend Watford a further £1m earlier this month when the club admitted that it only had funds to cover expenses until 22 December. |
| Administration fears | Administration fears |
| If the club is unable to pay back the money by Thursday evening, there is a danger it will fall into administration. | |
| Independent accountants would then be in charge of the club, and an automatic 10-point penalty on the team would be triggered. | Independent accountants would then be in charge of the club, and an automatic 10-point penalty on the team would be triggered. |
| That would see Watford drop to fourth from bottom in the Championship, one place above the relegation zone. | That would see Watford drop to fourth from bottom in the Championship, one place above the relegation zone. |
| Former England manager Graham Taylor, a non-executive director at Watford, has taken over as temporary chairman. | Former England manager Graham Taylor, a non-executive director at Watford, has taken over as temporary chairman. |
| The club said it would make a further announcement in due course. | The club said it would make a further announcement in due course. |
| Watford enjoyed significant success under the management of Mr Taylor in the early 1980s. | Watford enjoyed significant success under the management of Mr Taylor in the early 1980s. |
| They rose from division four to finish second behind Liverpool in 1983 in their first season of top-flight football. | They rose from division four to finish second behind Liverpool in 1983 in their first season of top-flight football. |
| A year later, they reached the FA Cup final, eventually losing to Everton. | A year later, they reached the FA Cup final, eventually losing to Everton. |