Date: 30th November 2009 at 2:20pm
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Watford’s dire financial situation looks to have finally reached breaking point today with Jimmy Russo lending Watford another £1m to cover costs until December 22nd.

After already bailing the Hornet’s out on three seperate occasions with loans totalling £3.85m through the Russo’s own Valley Grown Salads company and Jimmy Russo’s own personal fortune.

A statement from Watford Leisure PLC can be found at Watford Observer Website

The gist of statement is that the Hornet’s need to find further investment, and damn quick, else trading on shares will be suspended, whilst ‘clarity’ is sought with regards to the situation. Administration could well follow.

Furthermore it has been confirmed that at present, talks seeking further investment have been unsuccessful. IE. Michael Ashcroft has failed to put his hand in his pocket, again. Or words to that effect.

Watford now still need to find another £5.5million to cover the shortfall by June 2010. All we can suggest is that the Hornet’s faithful start looking down the back of their sofa’s for any loose change…