Date: 17th December 2009 at 3:27pm
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A breakthrough at last in the future of Watford Football Club and one coming from the unlikliest of people.

Lord Michael Ashcroft has today had his £7.5million rights issue accepted by the Watford Leisure PLC board accepted.

£5million of that sum will be used to pay the Russo’s the £4.8m they are owed whilst the remaining £2.5m will be put towards the £5.5m shortfall.

In the words of Cheif Exc. Julian Winter, ‘The ball is now in Jimmy’s court.’ as Russo must drop his demands of instant repayment of the money Valley Grown Salads have leant Watford since the Spring.

If the proposal is not accepted by the former Chairman then the company would be placed in administration. The trading of shares remains suspended still.