Wednesday, December 16, 2009

Jimmy Russo Resigns As Chairman Of Watford FC And Takes His Money With Him

FOOTBALL - Another English football club faces an uncertain future after Watford chairman Jimmy Russo stepped down from his post with immediate effect. Russo has decided to walk away from cash-strapped Watford along with his brother Vince and fellow director Robin Williams. Not only that, Russo is withdrawing a £1 million loan he made to the Watford football club two weeks ago, having already ploughed around £4 million into the club in order to stave off the threat of administration.

Internal politics at Watford have played a big part in the move, with Russo saying: "I was concerned about some of the treatment we were receiving, so I felt it was in the best interest of the club to resign. This evening we knew we were going to be voted off as the other two big shareholders were prepared to move me out. The reality is that the position we took was the right one."

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