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Watford in financial trouble

Covered EndCovered End
edited December 2009 in Other Football and Sports
I know this was mentioned in another thread, but thought it deserved it's own one.

Watford could be forced into administration if they do not find new funding before Christmas.

The ninth-placed Championship club borrowed £1million from chairman Jimmy Russo over the weekend, but are still struggling.

It is understood that an additional £5.5million is required to stave off the threat of administration, which would result in a 10-point deduction.

A statement from the club's holding company, Watford Leisure, quoted in The Guardian said: "The loan will only be sufficient to cover the company's cash requirements until 22nd December.

"In the event that further funding is not available to the club before 22nd December 2009, then the board would seek suspension of trading in Watford Leisure's shares pending clarification of its financial position."
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    Chris_from_SidcupChris_from_Sidcup
    Sunday times rich list reckons Elton John is worth £175m, maybe he'll chip in and help them out.

    They drew Chelsea away in the FA Cup as well so that money will come in handy too.
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    TELTEL
    Elton only worth £175 Million.....thought he'd be worth a lot more.....oh well administration it is then.
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    ColinTatColinTat
    edited December 2009
    He's doing a one off gig for them, which has already been announced. It was to be his only gig of the year, maybe he'll have to do a few more. It'll be at Vicarage Road.

    It's a shame but when you're OK manager goes loon and signs Nathan Ellington on 35-40 grand a week, well we've been halfway there; especially after he'd been an indulgent waste of space for a few seasons. Hope they get through it alright as Malkay McKay has been absolutely superb for them.
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    KBslittlesisKBslittlesis
    How long will it be before one goes under. How awful is that? Feel for the fans :-(
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    Super_hornsSuper_horns
    We have an AGM tonight which could make or break the club.

    Hoping for some positive news but the major shareholders don't get on at all which is worrying (our former chairman got kicked off by the Russos last year and rumours are he might be back for some kind of "revenge")
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    Alex WrightAlex Wright
    good luck, Watford.
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    pilchardpilchard
    Good Luck Watford.
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    Chris_from_SidcupChris_from_Sidcup
    [cite]Posted By: Super_horns[/cite]We have an AGM tonight which could make or break the club.

    Hoping for some positive news but the major shareholders don't get on at all which is worrying (our former chairman got kicked off by the Russos last year and rumours are he might be back for some kind of "revenge")


    Is it true that if Russo gets voted off, he wants the 5m he's owed back? If so, can Watford afford to vote him out?
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    Super_hornsSuper_horns
    They have resigned it seems and want their money back unless the offer made to take over the club is accepted by the other shareholders.

    I am sure we'll be administration this time next week.
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    MiserableoldgitMiserableoldgit
    Sh*t......
    Sorry mate.
    I know acouple of Hatters and they seem genuinely annoyed about whats happening at Vicarage Road: As they say you lot laugh at the state they're in, but surely no one likes to see another club in "trouble".
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    cafcdan18cafcdan18
    Sorry to hear that about admin. at least there is enough time in season to ensure survival. Watford are in many ways like Charlton so it would be a real shame to see them in serious trouble both on and off the pitch.
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    BlackForestRedsBlackForestReds
    Another club in financial difficulties, perhaps we could list the teams that aren't suffering some kind of financial problem?

    I hope it all goes well for you guys.
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    Czech_AddickCzech_Addick
    And still the authorities supposedly running the game don't lift a finger to address the financial inequalities accross the leagues. They won't be happy until they've driven the game into the ground.
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    BlackForestRedsBlackForestReds
    [cite]Posted By: Czech_Addick[/cite]And still the authorities supposedly running the game don't lift a finger to address the financial inequalities accross the leagues. They won't be happy until they've driven the game into the ground.

    Is there life outside the premiership?
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    thewolfboythewolfboy
    Very sympathetic to the Hornets. Hope they pull through.
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    101101
    O no not another club. Hope Watford pull themselves out of this.
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    jimmymelrosejimmymelrose
    [cite]Posted By: cafcdan18[/cite]Watford are in many ways like Charlton .

    How?
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    bigstemarrabigstemarra
    Bugger.

    It doesn't look good.

    Good luck Hornets.

    Maybe the football authorities won't be happy until all the 'proper' clubs are gone and everybody's a plastic....
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    Super_hornsSuper_horns
    Even worse feeling when we're doing pretty well on the pitch with a limited squad and loans.

    They would have to leave and even some of our own youngsters would so sold off with administration.

    We'd probably still have to keep Ellington...on his massive wages.
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    The Prince-e-PaulThe Prince-e-Paul
    good luck watford, hope you get the money before christmas or it will be miserable for a lot of people (not too concerned about the players).
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    (1984)(1984)
    Sad to see another club on the brink and hope it works out.

    It does make me wonder whether, a few years back, the current CAFC board thought they could run the club at a loss for a couple of years and wait for football to come to it's senses regarding players wages and have been caught out by the fact that so many clubs (including us) continue to overeach themselves in pursuit of success on the pitch.
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    nth_london_addicknth_london_addick
    [cite]Posted By: Super_horns[/cite]Even worse feeling when we're doing pretty well on the pitch with a limited squad and loans.

    They would have to leave and even some of our own youngsters would so sold off with administration.

    We'd probably still have to keep Ellington...on his massive wages.

    can sir elton not help
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    oohaahmortimeroohaahmortimer
    i'm sure elton has helped out in the past but when does it stop ....
    football isn't a charity and many clubs including ourselves have been run ridiculously beyond their means chasing the dream, without a proper back up plan, eventually things will come crashing down we just need to hope it doesn't happen to us and someone is prepared to burn some money to keep us going till we can get back on an even keel......
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    SwisdomSwisdom
    just heard on Absolute radio that Russo wants £5m by the end of today

    Looks like administration is on the cards for Hornets - good luck guys!
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    AddicktedAddickted
    http://www.timesonline.co.uk/tol/sport/football/article6958557.ece

    http://news.bbc.co.uk/1/hi/business/8415622.stm

    Not good news.
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    ShootersHillGuruShootersHillGuru
    Good luck indeed. Judging by the teams performance so far a deduction of 10 points mighy well not mean relegation which of course means a lot financially. Hope they are ok.
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    I-SAW-POUSO-PLAYI-SAW-POUSO-PLAY
    sad to hear! Malky's doing a great job down there in the circumstances! Hope they sort theirselves out!
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    cafcdan18cafcdan18
    10 points deducted would not be the end of the world for Watford as judging by their start to the season, there should be enough to stay up, unlike if it was Charlton this time last year. One worry wuld be losing Loach the keeper as he is worth a few quid and pretty decent. Also the loans going back, Cleverly and Lansbury look good enough to play in the Prem, maybe not for United/Arsenal.
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    AddicktedAddickted
    I see some Luton Fan is having fun and games........

    http://cgi.ebay.co.uk/ws/eBayISAPI.dll?ViewItem&item=180446129939&ssPageName=STRK:MESELX:IT
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    Super_hornsSuper_horns
    We're in administration.

    :(
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