Why is everybody angry at Jimmy?

As far as I can understand JR said that he was not looking to invest more money while not owning at least the majority of the club.

What Lord Ashcroft has proposed is that they pay money into the club and in return they receive less of the clubs shares (as a percentage), in effect he would be paying 30% of the money owed to him. I do not blame him for turning down this ridiculous offer.

The only reason I can think that they recommended this offer was because of the financial backing that LA could give, although i myself find it very difficult to believe that the money offered is anything but an extremely short term solution to a long term problem.

 

He is a top fella. Long may this continue.

 

I really think your carers are doing a good thing. Giving your parents this time off from looking after you, it must be hard for them.

 

They are angry because Jimmy didnt want to be a board member anymore and so resigned from the board, but he wants his 5 million quid back tomorrow, which will force the club into administration, he could actually wait a couple of weeks if he really does love Watford, which would allow the club the time to sort the problems out.


He is being a phucking co.ck.

LBH

 

Oxhey park was available a few years back. But thats another story, is it not?

 

He did want to be chairman of the club, which can be seen from the fact that he was chairman. He was going to be voted out and that is the reason he left

 

Not true. The share issue would effectively mean that Russo would have to put in a lot of money to keep his shareholding and he would still only be a minority owner. It's a terrible offer and there's no way he could accept that.

 

So cute :sign16:

 

haha G&R your picture did make me laugh.

 

stop being rational and sensible. can't you see that the board is populated with excellent businessmen who know exactly what people should do with their money!

ashcroft has played a pr stunt and everyone seems to have fallen for it without understanding the consequences for the russos and the long term consequences for the club.

if jr were to accept we would avoid administration now, but get ashcroft as an overlord. what if he shafts us 2 years down the line? he hasn't shown any interest or affection for us as a football club.

at least the russos have dedicated time and money to sorting out the mess left by simpson and ashton.

people seem to have very short memories and very cheap affections.

 

Exactly my view.

 

Think most us just want to avoid administration now...what's the use of worrying about what happens in two years if the worst begins to happen before the end of this year?

 

In my view this is just as much ashtons fault, if he sells up we can have long term prosperity and hopefully establish ourselves as a premiership team.

 

It's all 3 of them's fault. All want the same thing but for different reasons...i support the club not the shareholders, whoever 'wins' and 'saves us' has my vote until they start putting the club in danger of collapse (again)

 

Correct.

Ashcroft's offer looks good to the general public, as it will 'save' the club, and if Jimmy rejects it, he will look like the villain. However, Jimmy would be stupid to accept, as the only way he'll maintain his shares at the club is by stumping up millions more. If he doesn't put in loads of money, he loses more shares, and becomes further away from where he wants to be - a majority shareholder.

Ashcroft wants to stay in because of the redevelopment, Russo wants to stay in because...? Is it on principle? He does seem to enjoy running the club day-to-day, i'd say, and has his own ways of doing so. It was interesting that he called up PYA, and so on... Certainly neither of them are big Watford fans, but it would look like Jimmy is a bigger fan than Ashcroft, despite what looks like a 'save WFC package' being brought forward by lordie being rejected by Jimmy.

When will this game end?

 

Who are all these newbies calling each other names already? What happened to the peace and harmony this board used to be famous for?

 

And then left us in an even worse situation - yes, we do have a lot to thank them for.

 

it did seem this grudge match could only go on for we run aground so to speak.....just gota be thankful we are not in the relegation zone even after -10.

if it had to happen, now isnt so bad....top half with low expectations lol

 

You can **** off for a start.

 

Well usually when "newbies" turn up they get accused of being glory hunters... can't really see this being the case here.

Besides, if you bite too hard they might not come back.

 

:'(.

 

because hes acting like a spoilt child

''if i cant be on your board i want my money back''

 

well, you say that. but we were ****ed last year and getting worse.

in under a year... they've trimmed the fat hugely, got good fees for the players/manager we've had to sell and sorted things out off the pitch quite a lot.

we are not a charity and can't expect them to put in too much of their own money hand over fist.

the status quo, or what was the status quo was untenable and either ashcroft or the russos had to take over completely. as it was, one party had the majority and the other was doing all the work.

ashcroft made no attempt to contribute - he and his representatives chose not to speak to fans at the agm - and is now putting a bit of money down to curry favour. the scary thing is how quickly everyone is jumping over to him without a thought for the future.

 

Do one!!!!

 

You're speaking total sense.

Ashcroft's move was clever in many ways, and one of the more subtle ways is that he may gain public favour, as it's hard to really understand what he's doing unless you're informed. To those not in the know, it looks as if Jimmy has turned down an offer to save the club and pay off debts. Plenty of fans will not realise the ins and outs of this offer that Ashcroft has put forward, and will see the figure and the rejection. They'll put two and two together, and make five.

Crafty. Even if this wasn't intended.

 

You're right it was a mess, but in the year that JR has been in post we have gone from being in credit to being over £5m in debt with another £5m forecasted in the next 6 months. Despite bringing in £7m in transfers and saving £5m on wages.

In total thats a loss of £22m after the year befores expenditure was just £17m !

How he thought there was enough money to see us through till June as he origionally stated only to run out after 6 months is poor budgeting and mismanagment on anyones behalf.

The Russo's offered Simpson and Ashcroft £4m between them. Ashcroft has already invested £6.5m why would he take a hit of maybe £3.5m ? If the share issue was a poor offer financially for teh Russo's then you will agree that it was a poor offer for the Lord that you wouldn't expect him to take.

I agree with most of that, but it was the Russo's choice to oust the privious administration, knowing all the accounts and the situation we faced.

It was also their choice to put their own money in rather than make use of the financial markets and the overdraft facility that was already in place.

Why would you take control of a club that is going to lose so much money in one year ? Were they badly adviced or did they think that by taking over the others would see it as an oppotunity to jump ship and they wee then in pole position to make a profit ? I doubt we'll ever know

 

Russo is fooling you all

If the Rights Issue went ahead then all current shareholdings would be diluted, including the Ashcrofts. Ashcroft would be putting in potentially £7.5m into the club. If Russo wants to retain his 29% share in the club he would also need to put in more money, the £2.2m (his estimate) or so. Why is that so wrong? Every other shareholder, including supporters with smaller shareholdings would have to pay extra to retain their current proportion of the club.

 

cos he would have to pay £2.2m to keep his stake, which would still be a minority and he wouldn't have a say in how any decisions are made as they haven't offered him a seat on the board.

another reason why the offer looks livesaving at first glance but is far from fair when scrutinised.

 

What youve got to realise is this mess was caused by the previous chairman and his cronies, they had millions for going up and millions for coming down again. The Russos have come in cut there cloth accordingly and done a good job so far. Sure theres a power struggle going on but Simpson and Ashcroft wont even sit in the same room as the Russos dont make them out to be the bad guys in all this mess.

 

Russo hasn't explained what his offer was.

He hasn't explained why he was so specific about the 22nd December 3 weeks ago when talking about administration and now looks to put put them into Administration on that very same day. Was it planned all along?

Why did resign from the Board, we only have his explanation that he was going to be voted off anyway. Why didn't he wait and get removed, then there would be no doubt at all.

As it stood without the Fordwat offer and with the club in admin, Russo would get his loan back - after the sale of the ground. He would lose the entire value of his shareholding. But following an accepted Fordwat offer he would only lose a proportion of the club, yet the share value would likely rise and value of his shareholding would rise with it.

Cyril, he has fooled you as well.

 

Has anyone met the Russos? Jimmy looks like he might have BO and Vince looks like he farts a lot. That could explain the reticence to sit in a room with them.

 

...and, whilst GT may not be a financial guru he knows Watford, he knows what has been going on in the boardroom and he believes that the Russo's should accept the offer. Now I think that Russo is battling for pride and ego here, that cannot be said of Ashcroft who is non publicity seeking recluse.

Fordwat would not have anyone on the board either.

Russo's offer was considered by a committee along with Fordwats offer, but the latter was chosen

 

It's simple mathematics. Someone is asking a businessman to write off 2.3m. Why on earth should they accept advice of anyone who tells them to do that?

 

By the way, GT on SSN has just accused Russo of lying about not having heard about the VGS offer being rejected. He is clearly fuming with Russo.