TOP 100 SOCCER SITES
| |||
|
| |||
| |||
|
| |||
| Hornets avoid going into administration • Watford pay back nearly £5m owed by the club• Jimmy and Vince Russo had rejected rights-issue packageWatford have avoided going into administration by paying back nearly £5m that had been owed by the club to their former chairman and vice-chairman. The Hornets looked set to be forced into administration after the chairman Jimmy Russo and his brother Vince rejected a £7.5m rights-issue package from the majority shareholder Lord Michael Ashcroft last week, with Russo, who resigned last Tuesday, insisting the club must pay back the £4.88m he had lent them."Watford Leisure announces that on 21 December 2009 Fordwat Limited paid approximately £4.93m to Valley Grown Salads in full and final settlement of VGS' demand of 15 December 2009 for full repayment of approximately £4.88m in loans previously made available to the company," read a statement released by the club. "The sum of £4.93m paid by Fordwat included accrued interest and a contribution to the legal fees of VGS (in accordance with the loan agreement between VGS and the Company)."In connection with the above payment, on 21 December 2009 Watford Leisure signed an agreement with Fordwat for a loan to the Company of approximately £4.93m, repayable on demand and accruing interest at the rate of 4.5% above the base rate of Barclays Bank plc (except in default when the rate rises to base rate plus 7.5%)."Furthermore, it is the understanding of both Watford Leisure and Fordwat that security over the Vicarage Road Stadium for the Fordwat Loan, replacing that of VGS, will be put in place in due course."The purpose of the Fordwat Loan was to prevent the company being placed in administration by VGS."WatfordChampionshipBusinessguardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds guardian.co.uk |
Aston Villa tie with Liverpool key to proving club belongs in top four, says Stiliyan Petrov Stiliyan Petrov urges Aston Villa team mates to prove club can finish in top four this season with victory over Liverpool. telegraph.co.uk |
Togo attack: Angola vows to 'redouble efforts' on security at African Nations Cup Angola insist African Nations Cup will go ahead safely despite Friday's armed attack on the Togo squad. telegraph.co.uk |
Brian Laws confirmed as Burnley's new manager Brian Laws is confident he can keep Burnley in the top flight following his surprise appointment as manager on Wednesday. telegraph.co.uk |
Hamburg signs Dutch striker Van Nistelrooy Veteran Dutch striker Ruud van Nistelrooy has signed a 1½-year contract with Hamburg, ending more than three years with Real Madrid. cbc.ca |