Date: 17th December 2009 at 6:59pm
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Jimmy and Vince Russo have REJECTED the plan of Lord Michael Ashcroft which would repay their loans to the Hornet’s and go some way to making up the £5.5m shortfall.

The squat Italian duo have rejected the resuce package devised by Lord Ashcroft’s FordWat company this afternoon.

This latest twist in the Hornet’s saga leaves Watford leaning perilously over the edge of the cliff of administration with no real prospect of rescue deal being secured at this late stage.

It seems more and more likely that Watford Leisure PLC will be placed in administration sooner rather than later. The resulting ten-point deduction would leave Malky Mackay’s Golden Boys in the final safe place in the Championship and just two points ahead of Ipswich Town.

There is as yet, no official statement from the club.