Former chairman offers lifeline to Watford

Watford have been handed a lifeline to resolve their financial peril by former chairman Jimmy Russo.

The Hornets looked set to be forced into administration after Russo and brother Vince, the club’s former vice-chairman, rejected a £7.5m rights-issue package from majority shareholder Lord Michael Ashcroft on Wednesday.

Russo, who resigned on Tuesday, had insisted the club must pay back the £4.88m he lent the club.

But he has since told BBC Radio Five Live: “I’m happy to suspend any legal action providing I have an appointment with them.”