Former owner Elton John
With a warning that it may have to go into administration Watford Football Club has asked for its shares to be suspended.
The chairman Jimmy Russo, vice chairman Vince Russo and director Robin Williams all resigned after last night’s AGM. The Coca-Cola Championship club issued a statement after the meeting, it called for an end to trading of their Alternative Investment Market listed shares.
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.”
One immediate financial impact of the statement was the decision of Valley Grown Salads to call in a loan of £4.88m. The company is owned by the former chairman and vice chairman Jimmy and Vince Russo, and is demanding payment of the loan by the end of business on today.
On the football front the minimum ten points deduction that will result from administration will turn the club from one challenging for promotion into one fighting relegation. If they are forced into a firesale of players in the upcoming transfer window then the future will surely be a bleak midwinter for fans of the club.
Former owner of the club Elton John is planning to hold a concert next May to raise funds to strengthen the team, but can it survive until then? Only time will tell.
