LONDON (Reuters) – Watford Leisure Plc, owner of Watford football club, said it may be placed into administration if it fails to find funding.
The company said it has received a written demand from Valley Grown Salads, a company belonging to previous directors Jim and Vince Russo, for the repayment of 4.88 million pounds ($7.9 million) of loans before the close of business on Wednesday.
On Tuesday, the Russos stepped down from the board prior to the company’s annual general meeting, along with fellow director Robin Williams.
Watford Leisure said it is considering offer proposals by Valley Grown Salads and Fordwat Ltd.
Shares in Watford Leisure have been suspended on AIM.
The firm warned last month that it will run out of cash before Christmas if it does not secure further funding.
The football club is currently 10th in the 24-team Championship with 30 points. Football clubs that go into administration face a deduction of a minimum 10 points.
Singer and former owner of the club Elton John is planning to hold a concert next May to raise funds to strengthen the team.
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