Watford ask former chairman for patience

Watford have moved to avoid entering administration by asking former chairman Jimmy Russo to suspend his demand for repayment of a £4.88m loan.

Russo resigned as chairman on Tuesday evening and set a deadline of this afternoon to receive the cash – a move which would mean the Hornets would have to call in the administrators and face a 10-point penalty from the Football League.

But major shareholder Lord Michael Ashcroft has today underwritten a £7.5m share issue, which the clubs says guarantees Russo his money in the future and would ensure the club stays afloat.

A club spokesman said: “The ball is now firmly back in Jimmy Russo’s court.”