Watford FC on the brink of administration

| December 16, 2009 | 0 Comments

Shares in Watford Football Club have been suspended after its parent company, Watford Leisure, warned it may enter administration.

The Club, nicknamed The Hornets, is currently 10th with 30 points in the 24-team Coca-Cola Championship.

Watford Leisure recently announced it would run out of cash before Christmas if it did not secure further funding and has been asked to pay back £4.9 million in loans before the close of business today.

Chairman Jimmy Russo, vice chairman Vince Russo and director Robin Williams all resigned after last night’s AGM.

Following the resignations, the Coca-Cola Championship club issued this statement: “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,” added the statement.

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