Administration looms for Watford

Watford Football Club are on the verge of administration following demands from creditors.

The London clubs parent company, Watford Leisure, have been asked to pay back £4.9 million worth of debt in loans before their business closes on Thursday.

On Tuesday many senior board members resigned and its shares have now been suspended.

This included Board chairman Jim Russo and senior board members Vince Russo and Robin Williams.

The Hornets have been warned that if there is no funding solution found it may go into administration.

This is bad news for their young side, who have flourished under new boss Malky Mackay this season.

Problems could lead to a 10 point deduction if the debt is not paid off by Thursday night.

This would leave the Championship side one place above the drop zone.

Ex- Manager and non-executive director Graham Taylor has took over as chairman for the time being.

Taylor led the Vicarage Road outfit to a FA Cup Final in 1984 as well as through all four division even finishing second to first division champions Liverpool in the 1982-1983. season.