Watford on brink of administration
Watford stand on the brink of administration this morning after the Coca-Cola Championship club asked for trading in their shares to be suspended.
Following a board meeting last night at which chairman Jimmy Russo, vice-chairman Vince Russo and director Robin Williams all resigned, the club issued a statement this morning to end trading of their shares on the Alternative Investment Market.
The statement read: "Pending resolution and clarification of their financial position, the company have requested that their shares be suspended from trading on AIM.
"In the event that a funding solution cannot be obtained then the company may have to be placed in administration. A further announcement will be made in due course."
The departure of the Russo brothers led Valley Grown Salads - a company owned by the pair - to call in a loan of £4.88million, demanding payment by the end of business today.
The AGM of Watford Leisure plc was held at Vicarage Road and the three men all stood down after negotiations with majority shareholders Lord Michael Ashcroft and Graham Simpson over potential fund-raising failed to yield results.
Valley Grown Salads had lent Watford's holding company £1million last month in order to keep the club going until December 22.
Non-executive directors David Fransen, Stuart Timperley and Graham Taylor and CEO Julian Winter were all re-elected to the board.
Latest in Sport
Monaco is a street circuit where driver ability is more important than anywhere else and if we take ...
by Gareth Purnell
24 May 2013 02:00 AM
Three weeks ago as I drove off the Eurostar, I remember thinking what a very long time it was until ...
by Martin Ayres
23 May 2013 05:29 PM
McDowell did brilliantly to land the World Match Play title in Bulgaria last week, but it’s a format...
by Gareth Purnell
23 May 2013 09:13 AM
David Moyes delighted after Rio Ferdinand agrees to stay at Manchester United with new one-year contract
Sergio Garcia / Tiger Woods 'fried chicken' racism row takes fresh twist after 'coloured athletes' comment
After racist remark, Sergio Garcia fights for reputation as Tiger Woods slams 'hurtful' fried chicken joke
New Manchester City manager must deliver five trophies in five years
Manchester United slash interest bill by £10m a year
- 1 Pope Francis: Being an atheist is alright as long as you do good
- 3 'Sickening, deluded and unforgivable': Horrific attack brings terror to London’s streets
- 4 Archaeologists uncover nearly 5,000 cave paintings in Burgos, Mexico
- 5 Lord of the Sings: Sir Christopher Lee, 91, to release heavy metal album
BMF is the UK’s biggest and best loved outdoor fitness classes
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.