16 Dec 2009Three directors stand down at Watford

Football Clubs News | Football Finance News

The uncertainty surrounding Watford has deepened following the resignation of three board members at the club's annual general meeting last night (December 15th).

Chairman Jimmy Russo, his brother Vince Russo and their business associate Robin Williams announced that they would stand down with immediate effect, just two weeks after Jimmy provided a loan of £1 million to ease cash-flow problems at Vicarage Road.

The Russos had already injected £3.8 million in loans into the Championship club and they have now asked for all their money to be repaid in full.

Former England manager Graham Taylor, who remains on the board at Watford, admitted that the club's financial situation is becoming increasingly unmanageable.

He told the Watford Observer: "We have to face up to it, we are threatened with administration.

"I make no bones about saying that because that is a reality."

According to the newspaper, the Russos decided to resign because they believed major shareholders Lord Michael Ashcroft and Graham Simpson were planning to vote them off the board.

Written by Terry Mitchell

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