Just when I was suggesting things were going to be ok the papers go and spoil it all.... couple of mil guys and we'll be just fine! http://www.guardian.co.uk/sport/2009/may/22/watford-administration-ashcroft-digger Watford's chairman yesterday denied long-term financial difficulties were catching up with his club as insiders feared its richest shareholder, the billionaire Tory financier Michael Ashcroft, has begun to lose interest. Vicarage Road officials are said to have been talking privately of their fears that the club will be forced to file for administration. Jimmy Russo, Watford's chairman, hit back at the suggestion the club was heading for insolvency, saying instead that he is "challenging hard the levels of what we're spending to ensure we're getting value in today's market". Watford made an operating loss last season of more than £5m after seeing their wages-to-turnover ratio rocket to 79%. The club's liabilities exceed their assets by £13m and there have been major job cuts. Lord Ashcroft, whose office did not return calls yesterday, had installed Andy Wilson as his proxy on the board but Wilson split with the club in March. Now insiders believe Ashcroft's willingness to inject further funds into the club has waned. That could prove disastrous for Watford, who are said to have had an uncomfortable relationship with their banks, since auditors only agreed to sign off their accounts on a going-concern basis "dependent on the ability to raise sufficient new capital to the extent that may be required". Russo, who owns 30% of the club, and his brother Vinny have been sustaining Watford financially but refused to comment about Ashcroft's investment. But Russo stressed yesterday that in their efforts to control costs they are "getting there slowly," adding: "Money will get in to the club."
That could have been written by A Fleck its so shyte and incorrect. As Leyton stated, ashcrafty underwrote the share issue, he was an investor in shares and has done nothing of note since, for the club, or at least nothing has been reported.
Yes. A non story. I also believe that as much as EJ doesn't wish to bankroll the club it's unlikely he got on board to see it go under for want of a bit of cashflow.
We had all this worrying last summer...nothing came of it although we did sell players which is pretty much what people expect to happen now to raise funds. Not sure how much Lord Ashcroft has "backed" the club anyway?
Ascroft has injected verve into the running of the club. It's a bitter sweet relationship and I for one consider myself a lucky man to have him involved in our club.
