After the Derby match all thoughts were on Tuesday night the clubs AGM. Perhaps somewhat naively I believed that all of the clubs major shareholders would (finally) put their differences aside for the good of the club and find the money we required to continue. I honestly believed that the power struggle which began over 2 and half years ago when the Russo’s were kicked off the board would finally be resolved. On Monday night an article in one of the national papers (I believe it was the Express) suggested this had been achieved, unfortunately the more reliable Watford Observer suggested the opposite and nothing had been agreed.
On Tuesday 15th December as 6.30pm edged nearer my emotions were similar to those I have before a friendly against lower league opposition – similar to Pre Match Tension and I was very interested to know what the outcome would be but just assumed everything would be ok.
I logged on and immediately the illusion was shattered as news emerged the ’Whole’ board had resigned. This did not sound good, but I wondered, perhaps more hoped, that this was in order for a new board to be elected. Despite this being reported on the Watford Observer strong rumours implied that there was a crucial inaccuracy in the report…
…It was not the whole board, but just the Russo’s and their other Valley Green Salad representative who had resigned. That was not good news because the debts in the name of a company, rather than any individuals, had been re-arranged so that they were secured against the stadium (only three weeks before described as our main asset) and more worryingly these debts could be called at any time. A statement confirmed that by resigning from the board Valley Green Salads would indeed be calling in the loans and that put the threat of administration as critical.
It was a sucker punch, the joy of Lloyd Doyley’s goal just 8 days before was now a long and distant memory and I seriously began to consider what I would do if the worst happened and we ceased to exist. I remember having that very conversation during my Uni days with Richie (the Everton fan). We both concluded that we did not have a clue.
Watford has been my club for 19 seasons and during that time whilst change might be occurring everywhere else in my life they have always been a consistent (even if performances have been slightly inconsistent!) They have been a source of some of my happiest moments, wrecked a number of weekends, they have been a possible subject of conversation when meeting new people, allowed me to forge a good relationship/understanding with my dad and it might sound a bit pathetic, but they are part of my identity. Everyone who knows me know I am a ‘Orn. We are not a club with big attendances and I don’t think any of our supporters can be described as a glory hunters and I imagine we all have a number of personal reasons why the club means so much to us.
On Wednesday I had an appointment at the hospital to check whether my nerve was trapped within the fracture in my arm thereby delaying the recovery to the injury I sustained 13 weeks ago previously. Due to not being at work, I allowed my thoughts to be about our destiny, listening to the latest news reports, and reading the latest reports. Any chance of a quick resolution became increasingly less likely when it was confirmed that our shares were to be suspended. Time was something we did not appear to have and Administration was therefore very much the word that was written on the wall.
Graham Simpson was silent about the goings on, and the high stake Poker match was between the Russo’s and Lord Ashcroft. Many believed the threat to call in the loans was a ploy to force the hand of the other shareholders into announcing their intentions and hindsight it is rather unbelievable that our minority shareholders were being forced the bank roll and run the club (though this was partly their own decision as Graham Simpson was effectively forced to resign). There were rumours of two rescue packages in place, one from the Russo’s seeking to buy the club and one from Fordwat the problem was both sides would have to agree.
According to Sky statements were ‘imminent’ but there was no further news and when the statement was finally released it just said there would be no further comment. It was not clear if this was good or bad, but I started to allow myself to believe that if talks were on going the sides might be able to reach an agreement. Ironically, that Wednesday our local rivals all attempted to take the limelight away from us. Firstly M.K Dons were listed as one of the towns/cities that would be hosting a match at the World Cup in 2018 if the England bid is successful. Next there was some news that lifted the gloom even if it had no real benefit to the club as Reading finally sacked Brendon Rodgers. Finally, and slightly predictably QPR sacked Jim Magilton. I believe it was also on the Wednesday that we were (un)officially listed on Ebay and I wish I’d done a print screen.
On Thursday there was finally some good news as details of a rescue package put together by Fordwat (Ashcroft’s company) were released. Financial experts giving radio interviews all urged the Russo’s to accept agreeing that it was a good deal and Julian Winter confirmed that the Club’s Board had made the decision to accept his rescue package as it held more benefit to the club. I allowed a slight sigh of relief. If Jimmy and Co. really did have the club’s interests at heart surely they would accept, because whilst they would still be putting money in at no extra personal benefit, so were the other shareholders.
Just as I was beginning to relax, a bombshell was dropped when Sky announced the rescue package had been rejected by Valley Green Salads who were going to go through with their threat and call in the administrators. Almost immediately Graham Taylor, only just confirmed as a interim Chairman went public and his shaky and emotional voice suggested that our situation was pretty dire and there were no crumbs of comfort. God ended any hope that Elton would be able to give us the money and he couldn’t even confirm that talks were on going instead informing Sky that was not possible to contact our ex Chairman. Sky ended the call by saying they would do all they could to get Jimmy Russo on the line.
Soon he was, claiming that he had not become a ‘bad man’ overnight and that the deal had been rejected because financially it was not acceptable mainly because he‘d had to bankroll the club as a minority shareholder for the past year. To most it was clear that the AGM had been the powder keg which had finally resulted in the power struggle causing the club to implode. When Jimmy explained that the new deal wouldn’t guarantee a seat on the new Board I think his motives were clearer, why put money in yet more money if it resulted in no greater control. Just to complicate matters Jimmy claimed he didn’t want to send the club in to administration and that the club had not been in contact with him. It was a deadlock and with no alternative administration appeared inevitable. We could only hope that the snow would stop them entering Watford…
Friday started with the confirmation that if the administrators were called first thing then we would have until Tuesday 22nd December to raise the cash before we would officially file for administration immediately losing 10 priceless points. God spoke again, claiming that Jimmy had become ‘a bad man’ when he’d decided to resign from the board and to call in his loans without giving any warning of his intentions. He also re-iterated that it was a sad day that we might be forced into administration even though a package was in place and broke the revelation that none of the shareholders would be on the new board. There was some good news, the administrators had not yet been called…
In my opinion, Graham Taylor is a man who has the club at heart and his thoughts and emotions were similar to most of us…the supporters. We, the supporters just wanted the issue to be resolved, and until it was both camps were equally guilty of using the club as a toy in a game of tug of war. Who ever ‘saved’ the club from this immediate threat of administration would be accepted by most and in contrast whoever blocked any attempt at a resolution would continue to lose popularity.
Next up was Jimmy who told Sky that he had tried to hold a meeting, even showing a letter he had sent but that no meeting had taken place. It seemed a meeting would solve a lot of the problems but with the clock ticking and snow falling the relevant parties that were probably located in different parts of the country (if not the world) meant that this was an unlikely course of action, even though I envisaged Graham Taylor literally trying to move Heaven and Earth to make it happen.
I’d pretty much resigned myself to administration when I suddenly got a text at 6.15pm which said Watford will avoid administration because ex chairman Jimmy Russo has accepted a deal by Lord Michael Ashcroft whereby his loan would be paid back. I wasn’t sure if it was true believing it was some sick windup to raise my hopes and phoned Chris. My phone then froze as he tried to ring back but by 7.15pm it seemed to be confirmed as truth.
We probably aren’t financially safe yet, and there will be those that are nervous by having a silent majority shareholder, but in a way that could work to our benefit if he allows those who understand the club to run it. Ashcroft’s website suggests he sees us as a community project and with the money he’s now put in it doesn’t seem likely he’s after much of a return. True he isn’t a fan, but let’s not kid ourselves the Russo’s were originally Chelsea fans. There are those that claim we have merely delayed the inevitable, but I’d respond by saying at least it has been delayed and might buy us time to resolve long term financial problems. Administration would have been a complete disaster especially in the way it was almost brought about.
On Saturday we had a match that I’d not given any thought to but I did hope that we might have rallied round to get a result. However with a young (but energetic and willing) team and an inexperienced manager and backroom staff (even if they are able to get the most out of people) there was always a risk that events had crippled moral. Peterborough have been struggling but picking up plenty of draws since Darren Ferguson was sacked and seemed to be doing well at home. I was at the World Darts Championship so not really aware of the score but it summed up our week when I saw we’d lost. The early goal conceded reinforced my feelings that confidence had been shaken, but reports suggest we played well and at least we created chances unlike against Derby.
It’s been a horrible week and with Nottingham Forest up next followed by an away trip to Bristol City it doesn’t get any easier on the pitch. We need to pick up some points as soon as possible because whilst we haven’t had 10 points deducted we have now lost 3 matches that many would have expected us to get at least a draw.