Some very good points have been made here. I am ok on the Russo's as I think I understand their methods. However the current level of debt is unsustainable and I don't believe the Russo's are going to underwrite this. I have been told that Bassini is a "front" for LA, given the task of reducing the debt until it has reached a "sustainable level", so that it can then be sold on. Off the top of my head sustainable debt for this club is approx ã10m, which equals 1 year's turnover. I believe the Russo's would tolerate this level. I am not keen on Bassini, I have been told he does not have a "regular income", so I believe he will draw a salary from the club (an additional headcount), I presume this will be circa ã100k per year. What he will do on a day by day basis escapes me - his experience is as a small time property developer - Vicarage Road is NOT a small time property, the eyesore flats now prevent any further development on this site (without big penalties). I therefore expect this Summer to be a period of player sales, I believe there is a net ã5m to be raised. If funds are spent on "capital projects" (pitch and SW corner) then this is clearly in addition to the ã5m that needs to be raised. If Watford pay fees for anyone it will be on a small scale - remember Boothroyd was given a transfer budget of ã1m in 2005. One thing is for sure - promotion to the Premier League would clear the decks and allow us to be "really competitive" in the Championship (once relegation had occurred). Relegation would be a serious setback, the turnover would reduce and the sustainable debt would reduce with it (there would be further levels of player sales). So Malky can look forward to the 2011/12 season knowing he has a playing budget, and he is tasked with reaching 52 points again. That is target #1, I cannot imagine that he has genuinely been tasked with promotion.
I agree Elixir. It's Malky who will task himself with doing a lot more than that. The way he eventually lands a bigger job, which I'm sure he is destined for, is by overachieving here.
We still don't know, and maybe never will, what the Russos had on Simpson that brought about a change of his mind so quickly. Until they got him to resign he was going to continue, not sure how, but they had something that made him go. It could almost be seen as applying undue pressure, but he had the backing of LA and could have faced them out. After the tables were turned they got their ã5m back, about the same that Mr B has has to find. Prior to them going they had publicly stated that they had no more money to put in. So the financial situation is not so very different as we know it today. If you search around the net you can find out that they have had companies that have ceased to trade, also that they have not been exactly truthful over some of their business dealings. GT was not impressed with them clearly even if he did retract some of the bad man comments later. I still am not certain if Mr.B is a front for others or is living some sort of Walter Mitty experience. In some ways it is too late as the company will be coming off the Aim market next week, but it is certainly the time to tell the paying customers what to expect next season and before.
On the GT point french, I agree that it isn't fully sorted. But the only specific criticism I have heard or read from GT has been over the events of that week in December 2009, a feeling that I'm sure everyone shares. Other than that, there is criticism of the fact that the Russos and Ashcroft didn't speak, but at the very least that was the fault of both parties. My opinion is that the Russos would have nothing to gain whatsoever from not talking to Ashcroft, and therefore the lack of communication was logically down to him. Has GT criticised them more widely than that, that you are aware of?
Not that I know of NNW. The comments that I made were based on reports about their salad companies. They were asked to supply some answers about their business practices in Israel and Palestine. They replied to the questions with what appeared to be incorrect answers and when challenged, because they were clearly wrong, refused to discuss the matter further. To me it seemed like a further example of their behaviour, say the things that people wanted to hear, yet behind the scenes carry out their own agenda.
Looked to me at the time as if the Russos wanted to speak personally to Ashcroft and didnt grasp that he wasnt directly involved in running this investment. I don't like or trust the Russos, if you'll steal a penny (or 40 grand or whatever the expenses for argentina were) then you'll steal a pound (the stadium). I'm usually pretty good at weeding out the trustworthy and the wideboys and I've got jimmy and vince firmly in the latter. Ideally I would have liked David Fransen to have taken over full equity ownership, he's the guy refunding his already small directors fees, extending his repayment terms essentially putting the clubs interest above his own with his limited investment. LA straight called a spade a spade and did what he said he would but all in the interest of business, Russos shady, simpson took too much and incompetent, where does Bassini fit, I've got him in the Russo mould but I do cling to the hope that he's a puppet but if I were pulling the strings I'd have chosen a less punch type character................
The Russo`s nearly put us in admin and that is something I cant forgive! baz is a temp measure I am sure! LA could have quite easily let us die and cut his losses , instead he re financed us!! We are still in deep ****! and as yet all of the alternatives open to us are dodgy at best! To be honest if the watford trust had any sort of gumption they would be trying to organise a fans buy out backed by people like Fransen (fair play to him for cutting the interest on the loan he gave us!)
Thinking, thinking........ DF in his normal business life works a very very difficult region ie FSU and in particular Kazakhstan with not unconsiderable success. Given the Oligarchs from these areas like for football and running british businesses I wonder......................................... Now the search for a Jewish Kazakh Oligarch with significant shareholding in Vitol and or strong business links with DF, shuld have been discussed at least over a few voddies, now if theres a link where bazzer owes a favour due to a failed deal the loop would be complete.
If you owned 30% of a company with millions of pounds invested and then learned you were about to be sacked from the Board. If you had seen the people who were sacking you squander tens of millions of pounds. Would you leave your money invested in that Company where you no longer had a say on the Board. It was LA and Simpson who nearly caused the Administration as the Russos actions were entirely predictable - and are what 99% of you would do - unless you were prepared to chuck away your millions. Yes the Rrussos will always be tainted by playing Russian Roulette with our club BUT they did offer to buy it and sort it out - they were the wronged party at that time.
To be Honest Leo I dont like any of the alternatives on offer .The Russos arent rich enough to take on a championship club with a 3 sided ground(although I did think the 3 sides were really good!) We still need someone transparent that care about the club passionately ! Not a shady failed business man or people that threaten to take the club into admin! We will always struggle on until we get lucky like qpr and get a rich owner! russo.s would only be another recipefor failure! Would be interesting to see how much they took out the club!
leo, their money was secured against the ground and safe. Their behaviour was completely unjustified and inexcusable and no in the same situation I would not have behaved as they did, indeed even the resignation was wrong in its execution, they just revealed their ineptitude.
I think tactically they got it wrong - they should have waited to be pushed and so assume the moral high ground - but apart from that I don't see they had a lot of choice - if as you say they themselves were not rich then they could not afford to leave millions under the control of people who hated them. Try to take the emotion of Watford out of it - difficult I know as we are all passionate about the club - but wuld you really not have asked for your money back in circumstances like those?
