Laurence Bassini claims Russo brothers £3.5m 'loan' was for half the shares in Watford FC's parent company
8:00am Friday 11th January 2013 in Latest Sport By Frank Smith and Mike Wright
Picture: Pippa Douglas
A payment of £3.5m from the Russo brothers to Laurence Bassini just before he become owner of Watford FC was for half the shares in the club’s former parent company, according to the Stanmore businessman.
Bassini also said Valley Grown Salads (VGS), which is owned by former Watford directors Jimmy and Vince Russo, made a “bridging loan” to the football club of almost £1m, with the brothers due to receive proceeds from a player sale.
VGS has secured a freezing injunction against Bassini to stop him from disposing of his assets after claiming the ex-Watford owner had not repaid three loans worth £4.6m.
In court documents the Watford Observer secured this week, Jimmy Russo stated VGS agreed to pay Bassini an initial £3.5m as part of a written loan agreement dated February 2. 2011.
However, in his defence, Bassini has accepted a payment was made but has denied it was in the form of a loan.
He claims the sum was for half of his shareholding in Watford FC Limited, which is the company Bassini set up to buy the Vicarage Road Championship club in early 2011.
Bassini has also rejected “in its entirety” VGS’s claim the company transferred the money on February 2, 2011 as part of a loan agreement.
The Stanmore businessman said the sum was transferred to another company, Barrea LLP, and then from there to its “client account in accordance with the arrangement described” (for half of Watford FC Limited’s shares).
The Russos said the loan agreement stated a “note” needed to be given to VGS by Bassini on the loan date (February 2, 2011) as evidence, however they say this was not delivered.
Bassini has agreed the ‘note’ was not provided but has stated “there was never any intention between the parties that the claimant (VGS) was making a loan to the defendant (Bassini)”.
There were two further payments of £135,000 on May 20, 2011 and £959,500 on February 24, 2012. VGS claims the money was provided on the same terms as the initial agreement in February 2011.
However, Bassini has stated the £135,000 figure was in “return of the monies paid by the defendant for the shares held by VGS in Watford Leisure PLC (one of the Hornets’ parent companies) and was in no way associated with the agreement on February 2, 2011”.
The former Watford owner also denied the £959,500 paid was a loan or came under the terms of the 2011 agreement.
Bassini’s defence document states: “This money represented a bridging loan between the claimant and Watford Association Football Club Limited wherein the claimant was due to receive payment from the net proceeds of the sale of a player.
“As such this money was never paid to the defendant. It was paid by the claimant to Watford Association Football Club Limited.”
The Russos said the loan agreement did not state when the money needed to be repaid and that the three sums would be repayable without notice.
Picture: Malcolm Armstrong
However, Bassini’s defence insisted there were no loans between VGS and the Stanmore businessman so no loan provisions existed.
VGS said the loans were initially interest free but it was agreed in April 2012 that Bassini would pay interest of five per cent a year from the date the three loans were made.
Bassini reiterated the monies were not loans but investment in Watford FC Limited.
The former owner confirmed the Russos did send three separate letters demanding immediate repayment of the loans and interest they claimed was owed on May 15, 2012 but stated the money had not been paid because he insisted it was not a loan.
VGS has claimed Bassini owes the salad company £243,434 in interest that had been accrued on the loans up until May 15, 2012 and the former owner was accruing a daily rate of £662.73. Bassini has rejected this in full.
The Russos have said they will claim an interest rate, and for a period of time the court sees fit either “further or alternatively”, to the interest already accrued.
VGS is also claiming costs and further or other relief.
The interim order freezing Bassini’s assets was made on December 14 at the Queens Bench Division of the High Court of Justice ahead of a court hearing that is expected to take place later this month.
- In a statement sent to the Watford Observer yesterday (Thursday) afternoon, Bassini’s solicitors said he would be “vigorously defending” the claims made by VGS and will shortly be making an application to discharge the freezing order.
Comments(85)
Play-Off Pete
says...
9:03am Fri 11 Jan 13
Bassini has assets???
Lloydinio
says...
9:27am Fri 11 Jan 13
Play-Off Pete wrote:lol, but can someone translate this so a student can understand
"VGS has secured a freezing injunction against Bassini to stop him from disposing of his assets ..."
Bassini has assets???
Bush Hornet
says...
9:33am Fri 11 Jan 13
Lloydinio wrote:Basically, you shouldn't freeze lettuce, cucumber or any other salad stuff. You end up with mush. Hope that helps
Play-Off Pete wrote:lol, but can someone translate this so a student can understand
"VGS has secured a freezing injunction against Bassini to stop him from disposing of his assets ..."
Bassini has assets???
Watfordengineer
says...
9:44am Fri 11 Jan 13
i.e. he claims they were steaks in the firm and VGS thinks they were loans and thats the money they are after?
JohnnyHornet
says...
9:44am Fri 11 Jan 13
Play-Off Pete wrote:Yes, in all probability money that should have come to WFC.
"VGS has secured a freezing injunction against Bassini to stop him from disposing of his assets ..."
Bassini has assets???
Bush Hornet
says...
9:47am Fri 11 Jan 13
Watfordengineer wrote:Steaks and salad? It's a bold claim
has Bass paid back the loans but with no interest? is that the issue?
i.e. he claims they were steaks in the firm and VGS thinks they were loans and thats the money they are after?
Boxhorn
says...
10:10am Fri 11 Jan 13
Bush Hornet wrote:blast, beat me to it!!
Watfordengineer wrote: has Bass paid back the loans but with no interest? is that the issue? i.e. he claims they were steaks in the firm and VGS thinks they were loans and thats the money they are after?Steaks and salad? It's a bold claim
Holly68
says...
10:31am Fri 11 Jan 13
HOWEVER if Bassini proves it wasn't a loan but the money was for 50% of the company that owned the Club, ie. meaning the Russo's own 50% of the club, how does that leave things if he court decides this way ....
?????
cliff46
says...
10:34am Fri 11 Jan 13
I would have thought successful businessmen like the Rossos would have ensured the " loans" were Bassini proof particularly as they were surely aware of his questionable business history.
If as he alleges the money was for 50% of Watford shares why hasn't he given them half they money he received from the Pozzo's or has he?
All this devious background stuff is sickening.
lloydinho
says...
10:38am Fri 11 Jan 13
Russos say that not only do they want their £3.5, they also want interest on it now, at 5% per year. Baz then repeats that it wasn't a loan, it was a purchase and they're not entitled to anything.
The Russos have therefore 'frozen Baz's assets' so that he can't make any payments from the parent company until he's paid the Russos their £3.5 million + interest.
Apparently, there's no evidence to prove that this was a loan however (check the safe I reckon). Just a gentleman's agreement among 'gentlemen'... Bring on 'Boro.
miked2006
says...
10:39am Fri 11 Jan 13
Holly68 wrote:Surely if it turns out that it was for half the club, and Bas sold the club claiming he had 100% of the shares, then Bas is still pretty screwed?
So if the £4.6M is proved to be a LOAN to Bassini in court he will be summonsed to pay the LOAN back to Russo's
HOWEVER if Bassini proves it wasn't a loan but the money was for 50% of the company that owned the Club, ie. meaning the Russo's own 50% of the club, how does that leave things if he court decides this way ....
?????
He should either have to give the Russo's 50% of the money he received from the transfer of the club, or he should be arrested for fraud.
Another bright spot to add to a wonderful CV.
llloydwithathirdl
says...
10:41am Fri 11 Jan 13
jasonwatford
says...
10:44am Fri 11 Jan 13
D.unstable
says...
10:46am Fri 11 Jan 13
May we all just take a brief moment to reflect and be grateful that we are now well away from these bad bad people.
In Pozzo we trust.
Harrydownunder
says...
10:54am Fri 11 Jan 13
I hope Baz rots in jail. Its what he deserves.
D.unstable
says...
11:10am Fri 11 Jan 13
mile high ron
says...
11:29am Fri 11 Jan 13
cliff46 wrote:Blimey, didn’t the salad boys have a dust up with the Gills chairman over something similar…
Fascinating stuff, I am looking forward to the court case. I would have thought successful businessmen like the Rossos would have ensured the " loans" were Bassini proof particularly as they were surely aware of his questionable business history. If as he alleges the money was for 50% of Watford shares why hasn't he given them half they money he received from the Pozzo's or has he? All this devious background stuff is sickening.
jasonwatford
says...
11:30am Fri 11 Jan 13
londomollari
says...
11:31am Fri 11 Jan 13
Hardnosed businessmen the Russos, lent, yes LENT some 4 million---FOUR MILLION---to bankrupt baz---TO BAZ!!!.Who on this entire planet, short of total insanity, would do that! Totally incredible---what was going on? It's like sticking your head into an alligators mouth then kicking his love spuds.
Oh, and D! Please push that photo! Is it the previously mentioned picture of the Elephant Mans wedding tackle? I'd rather gaze at a picture of that than Baz---?
Travelling Hornet
says...
11:46am Fri 11 Jan 13
Sahorn
says...
11:53am Fri 11 Jan 13
What a tangled web we weave ...
Sometimes the unintended consequences of clever financial manipulation, off balance sheet financing and listening to highly paid financial advisors is that it gets too complicated and everything disappears up someone's *** hole.
It's all a cunning plan so only lawyers can unravel the plot in court so the accountants and legal profession maintain the super rich lifestyle to which they've become accustomed..
SAHornet
says...
11:53am Fri 11 Jan 13
Boxhorn wrote:....and me. B*stard ! :-)
Bush Hornet wrote:blast, beat me to it!!
Watfordengineer wrote: has Bass paid back the loans but with no interest? is that the issue? i.e. he claims they were steaks in the firm and VGS thinks they were loans and thats the money they are after?Steaks and salad? It's a bold claim
TownOrn
says...
11:56am Fri 11 Jan 13
SAHornet
says...
12:01pm Fri 11 Jan 13
67horn
says...
12:01pm Fri 11 Jan 13
stevyweavy
says...
12:07pm Fri 11 Jan 13
londomollari
says...
12:14pm Fri 11 Jan 13
TownOrn wrote:Yes, of course. In the same way that Joseph Goebbels was a kindly, caring philanphropist
"Stanmore businessman" - Really?
abbotshornet
says...
12:34pm Fri 11 Jan 13
All this talk of food before lunch is making me hungry!
Harry the 1st
says...
12:35pm Fri 11 Jan 13
miked2006 wrote:I must say that I don't care for the term LOL. Saying that, your last statement "Another bright spot to add to a wonderful CV" did make me laugh out loud! Quality - love it!
Holly68 wrote:Surely if it turns out that it was for half the club, and Bas sold the club claiming he had 100% of the shares, then Bas is still pretty screwed?
So if the £4.6M is proved to be a LOAN to Bassini in court he will be summonsed to pay the LOAN back to Russo's
HOWEVER if Bassini proves it wasn't a loan but the money was for 50% of the company that owned the Club, ie. meaning the Russo's own 50% of the club, how does that leave things if he court decides this way ....
?????
He should either have to give the Russo's 50% of the money he received from the transfer of the club, or he should be arrested for fraud.
Another bright spot to add to a wonderful CV.
lloydinho
says...
12:37pm Fri 11 Jan 13
miked2006 wrote:It's not the club remember, it's the club's parent company, that the Russos may or may not be entitled to half of.
Holly68 wrote:Surely if it turns out that it was for half the club, and Bas sold the club claiming he had 100% of the shares, then Bas is still pretty screwed?
So if the £4.6M is proved to be a LOAN to Bassini in court he will be summonsed to pay the LOAN back to Russo's
HOWEVER if Bassini proves it wasn't a loan but the money was for 50% of the company that owned the Club, ie. meaning the Russo's own 50% of the club, how does that leave things if he court decides this way ....
?????
He should either have to give the Russo's 50% of the money he received from the transfer of the club, or he should be arrested for fraud.
Another bright spot to add to a wonderful CV.
That company, I imagine, is worth nothing and probably no longer trading.
lutondown
says...
12:55pm Fri 11 Jan 13
cliff46 wrote:Absolutely.
Fascinating stuff, I am looking forward to the court case.
I would have thought successful businessmen like the Rossos would have ensured the " loans" were Bassini proof particularly as they were surely aware of his questionable business history.
If as he alleges the money was for 50% of Watford shares why hasn't he given them half they money he received from the Pozzo's or has he?
All this devious background stuff is sickening.
lutondown
says...
12:57pm Fri 11 Jan 13
D.unstable wrote:Not the one where he's is the shower picking up a bar of soap and a man of great menace looks ready to do heinous things. Whose the Daddy now?
Note to Frank Smith, I have a more up to date and appropriate photo of Bas on my Twitter page @D_unstable which you are welcome to use instead of the smug one above.
lutondown
says...
12:58pm Fri 11 Jan 13
Travelling Hornet wrote:Soon to be trice!
.......twice bankrupt Bassini.........
lutondown
says...
1:01pm Fri 11 Jan 13
jasonwatford wrote:Not so Slim Shady eh?
If they were for shares rather than a loan wouldnt the shares have been put into the russo name ??? For business men they seem to have given over loads of money on a verbal agreement and even after doing it once they seemed to do it two more times ??
lutondown
says...
1:01pm Fri 11 Jan 13
lutondown
says...
1:02pm Fri 11 Jan 13
Harry the 1st wrote:LOL
miked2006 wrote:I must say that I don't care for the term LOL. Saying that, your last statement "Another bright spot to add to a wonderful CV" did make me laugh out loud! Quality - love it!
Holly68 wrote:Surely if it turns out that it was for half the club, and Bas sold the club claiming he had 100% of the shares, then Bas is still pretty screwed?
So if the £4.6M is proved to be a LOAN to Bassini in court he will be summonsed to pay the LOAN back to Russo's
HOWEVER if Bassini proves it wasn't a loan but the money was for 50% of the company that owned the Club, ie. meaning the Russo's own 50% of the club, how does that leave things if he court decides this way ....
?????
He should either have to give the Russo's 50% of the money he received from the transfer of the club, or he should be arrested for fraud.
Another bright spot to add to a wonderful CV.
lutondown
says...
1:04pm Fri 11 Jan 13
D.unstable wrote:Again, absolutely.
All in all I think they deserve each other and I want to see them fighting like a bunch of girls outside the courtroom. Maybe this will make all realise that those salad boys are just as crooked and were more than happy to 'prop-up' a numpty like Bassini.
May we all just take a brief moment to reflect and be grateful that we are now well away from these bad bad people.
In Pozzo we trust.
Holly68
says...
1:08pm Fri 11 Jan 13
lloydinho wrote:but then the Russo's could claim half the proceeds gained by the company when sold to the Pozzo's
miked2006 wrote:It's not the club remember, it's the club's parent company, that the Russos may or may not be entitled to half of. That company, I imagine, is worth nothing and probably no longer trading.Holly68 wrote: So if the £4.6M is proved to be a LOAN to Bassini in court he will be summonsed to pay the LOAN back to Russo's HOWEVER if Bassini proves it wasn't a loan but the money was for 50% of the company that owned the Club, ie. meaning the Russo's own 50% of the club, how does that leave things if he court decides this way .... ?????Surely if it turns out that it was for half the club, and Bas sold the club claiming he had 100% of the shares, then Bas is still pretty screwed? He should either have to give the Russo's 50% of the money he received from the transfer of the club, or he should be arrested for fraud. Another bright spot to add to a wonderful CV.
lutondown
says...
1:10pm Fri 11 Jan 13
Holly68 wrote:Sadly none of these were in it for anything other than their own ends. It's backfired. I hope the Russo's win, but only because I want Bas to get his dues
lloydinho wrote:but then the Russo's could claim half the proceeds gained by the company when sold to the Pozzo's
miked2006 wrote:It's not the club remember, it's the club's parent company, that the Russos may or may not be entitled to half of. That company, I imagine, is worth nothing and probably no longer trading.Holly68 wrote: So if the £4.6M is proved to be a LOAN to Bassini in court he will be summonsed to pay the LOAN back to Russo's HOWEVER if Bassini proves it wasn't a loan but the money was for 50% of the company that owned the Club, ie. meaning the Russo's own 50% of the club, how does that leave things if he court decides this way .... ?????Surely if it turns out that it was for half the club, and Bas sold the club claiming he had 100% of the shares, then Bas is still pretty screwed? He should either have to give the Russo's 50% of the money he received from the transfer of the club, or he should be arrested for fraud. Another bright spot to add to a wonderful CV.
tangoelite
says...
1:16pm Fri 11 Jan 13
lutondown
says...
1:17pm Fri 11 Jan 13
tangoelite wrote:Nice new name.
I wonder what GT & Chris Bottom think about all this?
lutondown
says...
1:19pm Fri 11 Jan 13
Bringe
says...
1:39pm Fri 11 Jan 13
However if there were no third party loans to repay then there would have been no grounds for a transfer embargo, interesting but maybe we should be hoping Baz wins :D
N Joydegame
says...
1:58pm Fri 11 Jan 13
However having just finished "Tales from the Vicarage" (a fantastic read for all true 'Orns) the Russo's did do a great deal for our club (they paid for Marlon King for starters) and got us through some truely awful times.
My hope is that they get full revenge on this useless, lieing, deceitful lump of *urd. He needs a very long spell in HMP for all the people he's ripped off, the lies he's told, and the scams he's pulled.
A final good word for the two directors (Fransen and Timperley) who stayed on after GT left and finally found a way of getting him out and the Pozzo's in.
Thank God, the Pozzos, and in GFZ we trust.
U'Orns.
D.unstable
says...
2:15pm Fri 11 Jan 13
When Baz was at the helm, I passed him in Bond Street Stn, in hindsight I wish I had given him a sneaky slap then :o)
D.unstable
says...
2:19pm Fri 11 Jan 13
lutondown wrote:LD you describe it so well LOL, but you forget to mention the other 49 Daddies patiently waiting in line!!!
D.unstable wrote: Note to Frank Smith, I have a more up to date and appropriate photo of Bas on my Twitter page @D_unstable which you are welcome to use instead of the smug one above.Not the one where he's is the shower picking up a bar of soap and a man of great menace looks ready to do heinous things. Whose the Daddy now?
Travelling Hornet
says...
2:31pm Fri 11 Jan 13
Travelling Hornet
says...
2:46pm Fri 11 Jan 13
I thank you, I'm here all week, if you liked that , I'm Traveling Hornet if not I'm Stan Boardman
peter10531089
says...
3:12pm Fri 11 Jan 13
I wonder if Martin Samuel will take note of what might have happened had our Italian friends not entered the scene?
SAHornet
says...
3:20pm Fri 11 Jan 13
peter10531089 wrote:No, now don't get LD and Petchey started again
Whoever introduced the Pozzo's (Duxberry and Nani) - Thank you Thank you Thank you.
I wonder if Martin Samuel will take note of what might have happened had our Italian friends not entered the scene?
lutondown
says...
3:24pm Fri 11 Jan 13
SAHornet wrote:Not funny SAH
peter10531089 wrote:No, now don't get LD and Petchey started again
Whoever introduced the Pozzo's (Duxberry and Nani) - Thank you Thank you Thank you.
I wonder if Martin Samuel will take note of what might have happened had our Italian friends not entered the scene?
Bush Hornet
says...
3:32pm Fri 11 Jan 13
SAHornet
says...
3:48pm Fri 11 Jan 13
lutondown wrote:Maybe just a little bit, LD?
SAHornet wrote:Not funny SAH
peter10531089 wrote:No, now don't get LD and Petchey started again
Whoever introduced the Pozzo's (Duxberry and Nani) - Thank you Thank you Thank you.
I wonder if Martin Samuel will take note of what might have happened had our Italian friends not entered the scene?
lutondown
says...
3:50pm Fri 11 Jan 13
Bush Hornet wrote:I've read mine u can read that
Tales from The Vicarage has sold out on Amazon. Anyone know how to get one?
Bush Hornet
says...
4:01pm Fri 11 Jan 13
lutondown wrote:take note any haters, this man is a gent. I'll dig up your email from another thread. Thank you
Bush Hornet wrote:I've read mine u can read that
Tales from The Vicarage has sold out on Amazon. Anyone know how to get one?
Bush Hornet
says...
4:02pm Fri 11 Jan 13
lutondown
says...
4:38pm Fri 11 Jan 13
SAHornet wrote:Not that particular one mate! But the post you replied to was right, Mr Samuels has not at the decency to admit his flaws.
lutondown wrote:Maybe just a little bit, LD?
SAHornet wrote:Not funny SAH
peter10531089 wrote:No, now don't get LD and Petchey started again
Whoever introduced the Pozzo's (Duxberry and Nani) - Thank you Thank you Thank you.
I wonder if Martin Samuel will take note of what might have happened had our Italian friends not entered the scene?
I wrote that with trepidation and great fear....
Mickey Quinn, not so thin
says...
6:00pm Fri 11 Jan 13
Bush Hornet wrote:he hadnt mentioned the price yet !!
lutondown wrote:take note any haters, this man is a gent. I'll dig up your email from another thread. Thank you
Bush Hornet wrote:I've read mine u can read that
Tales from The Vicarage has sold out on Amazon. Anyone know how to get one?
lutondown
says...
6:02pm Fri 11 Jan 13
Mickey Quinn, not so thin wrote:Don't judge me by your own standards Quinny
Bush Hornet wrote:he hadnt mentioned the price yet !!
lutondown wrote:take note any haters, this man is a gent. I'll dig up your email from another thread. Thank you
Bush Hornet wrote:I've read mine u can read that
Tales from The Vicarage has sold out on Amazon. Anyone know how to get one?
Mickey Quinn, not so thin
says...
6:06pm Fri 11 Jan 13
lutondown wrote:just a gentle ribbing....(co-incid
Mickey Quinn, not so thin wrote:Don't judge me by your own standards Quinny
Bush Hornet wrote:he hadnt mentioned the price yet !!
lutondown wrote:take note any haters, this man is a gent. I'll dig up your email from another thread. Thank you
Bush Hornet wrote:I've read mine u can read that
Tales from The Vicarage has sold out on Amazon. Anyone know how to get one?
entally Mrs Quinn's favourite !!)
lutondown
says...
6:09pm Fri 11 Jan 13
Mickey Quinn, not so thin wrote:I know...I was playing up! As always
lutondown wrote:just a gentle ribbing....(co-incid
Mickey Quinn, not so thin wrote:Don't judge me by your own standards Quinny
Bush Hornet wrote:he hadnt mentioned the price yet !!
lutondown wrote:take note any haters, this man is a gent. I'll dig up your email from another thread. Thank you
Bush Hornet wrote:I've read mine u can read that
Tales from The Vicarage has sold out on Amazon. Anyone know how to get one?
entally Mrs Quinn's favourite !!)
jasonwatford
says...
7:00pm Fri 11 Jan 13
GianlucaVialli the better italian
says...
7:12pm Fri 11 Jan 13
Oracledave
says...
7:36pm Fri 11 Jan 13
Either way seems we'll all soon be down the Red Lion enjoying a Lasagne washed down with a nice Valpolicella with genial hosts Vince and Jimmy (salad bar free of course)
Feff
says...
10:17pm Fri 11 Jan 13
lutondown
says...
10:26pm Fri 11 Jan 13
Feff wrote:Bit confused in as much some very in the know people reckon they were ok, but the underhanded way the whole Bas thing was conducted leaves it very wide open. What I do know, is none of this has helped our club.
The Russos are as bad as Bassini. Discuss.
londomollari
says...
10:43pm Fri 11 Jan 13
Once again, how could the Russos deal in such large sums of money with such a dodgy character?
lutondown
says...
10:48pm Fri 11 Jan 13
londomollari wrote:Yep that beats me. They are not idiots by a long shot. I pray that it's not the thing that stops promotion. Not being ready is fair dos, but to lose out because of greed and personal ambition would be hard to stomach
I just can't believe that the Russo's could be so stupid as to put themselves in this position. Obviously, much of the detail is yet to emerge, but we are left with the general impression of a lot of underhand, dirty dealing---from both sides.
Once again, how could the Russos deal in such large sums of money with such a dodgy character?
londomollari
says...
11:06pm Fri 11 Jan 13
lutondown wrote:That's my fear. If they were trying to screw each other and find themselves in this mess---good riddance. But if such dealings lead to infringement of FA regulations and penalties---Well, I hope that more than just a bar of soap is sacrificed and inserted in the previously mentioned shower confrontation.
londomollari wrote:Yep that beats me. They are not idiots by a long shot. I pray that it's not the thing that stops promotion. Not being ready is fair dos, but to lose out because of greed and personal ambition would be hard to stomach
I just can't believe that the Russo's could be so stupid as to put themselves in this position. Obviously, much of the detail is yet to emerge, but we are left with the general impression of a lot of underhand, dirty dealing---from both sides.
Once again, how could the Russos deal in such large sums of money with such a dodgy character?
We may have disliked previous club owners/directors, or disagreed with the way they ran the club, but never, in the history of this club, have owners been so universally hated and reviled. My apologies to the late Jim Bonser.
lutondown
says...
11:09pm Fri 11 Jan 13
londomollari wrote:Bonser, was great when he took over, he helped take the club forward ala Tales from the Vic but hung on to long. I still remember the chant...Bonser out, Elton in!
lutondown wrote:That's my fear. If they were trying to screw each other and find themselves in this mess---good riddance. But if such dealings lead to infringement of FA regulations and penalties---Well, I hope that more than just a bar of soap is sacrificed and inserted in the previously mentioned shower confrontation.
londomollari wrote:Yep that beats me. They are not idiots by a long shot. I pray that it's not the thing that stops promotion. Not being ready is fair dos, but to lose out because of greed and personal ambition would be hard to stomach
I just can't believe that the Russo's could be so stupid as to put themselves in this position. Obviously, much of the detail is yet to emerge, but we are left with the general impression of a lot of underhand, dirty dealing---from both sides.
Once again, how could the Russos deal in such large sums of money with such a dodgy character?
We may have disliked previous club owners/directors, or disagreed with the way they ran the club, but never, in the history of this club, have owners been so universally hated and reviled. My apologies to the late Jim Bonser.
londomollari
says...
11:40pm Fri 11 Jan 13
ChunkeyMonkey
says...
11:49pm Fri 11 Jan 13
It is natural to question their judgement in terms of passing funds in whatever form that took, (who in their right mind would do such a thing? and not once but three times). It's only conjecture of course but it seems that Bassini might have been "installed" by the Russo's in that role as the front man with little or no stake of his own to wrestle/ entice control away from Ashcroft and Simpson - as the only visible option available at the time - remember Ashcrofts people had stated previously that in the global scheme of things, in their world, investing in Watford was a punt.
According to the Wobby report, the initial tranche of money moved twice (an effort to put distance between the two parties?) but even then there should be a paper trail. The terms of the transfer into Barrea however may have been ignored in its onward delivery to Bassini's holding company.
In any event we might be treated to the two parties mixing it in court, but safe in the knowledge that whatever else gets thrown at the club by way of misconduct charges / fines etc, we are far far better off now apparently in the hands of sensible custodians. We reportedly bid £2m for a player this week - who would have thought that likely 6 months ago?
londomollari
says...
11:57pm Fri 11 Jan 13
With all this nonsense coming to light, I increasingly realise how very, very, very lucky we are to still have a club, let alone being in the safe hands of the Pozzo's.
ChunkeyMonkey
says...
12:13am Sat 12 Jan 13
londomollari wrote:I would be very p...ed off if we were penalised as a result of the actions of the previous owners; men more interested in puffing their own ego's but actually anything that comes our way will be taken on the chin, because viewing it from here and now, the club has survived some dark dark days and looks as if it will move forward in any event and be developed in a positive and exciting way.
Chunkey, that summary seems to pretty much have it surrounded. I eagerly await the court case.
With all this nonsense coming to light, I increasingly realise how very, very, very lucky we are to still have a club, let alone being in the safe hands of the Pozzo's.
A win at Boro is on he cards as well.
Play-Off Pete
says...
4:00am Sat 12 Jan 13
They couldn't.
So ... it's been interesting watching what's happened during the past few months, with clearly far more to come out!!!
ChunkeyMonkey
says...
9:24am Sat 12 Jan 13
Play-Off Pete wrote:I have heard of others receiving a similar approach at the time. Someone somewhere was prepared to dig around to identify small shareholders and try to entice them to sell. Wonder who that could have been?
Hmmm. In April 2012 I received a phone call from an outfit in the USA asking if I wanted to sell my shares in Watford Leisure. I went along with it, expecting it to be a scam but was determined to find out more, e.g. how they got my personal details. They emailed me a non-disclosure agreement following which I decided to find out as much as I could. The whole thing was clouded in secrecy and I couldn't make much progress. At this point I emailed the Watford Observer - in confidence - and told them what I knew, asking if they could add anything.
They couldn't.
So ... it's been interesting watching what's happened during the past few months, with clearly far more to come out!!!
The one constant in all of these are the somewhat helpless fans, sitting on the side watching the to-Ing and fro-Ing being played out.
We've escaped all this (for the foreseeable future at least).
Bush Hornet
says...
10:20am Sat 12 Jan 13
jasonwatford wrote:Ta Jason but gonna take LD up on his kind offer
just email the author bushhornet..he replied straigt way to me and sent me a copy in post....i hear waterstones in hemel hempstead had last copies left,
Oracledave
says...
10:39am Sat 12 Jan 13
Play-Off Pete wrote:This is nothing to do with Watford. These people check out company lists to identify shareholders. They then say that a takeover is imminent and offer way above market rate for the shares.
Hmmm. In April 2012 I received a phone call from an outfit in the USA asking if I wanted to sell my shares in Watford Leisure. I went along with it, expecting it to be a scam but was determined to find out more, e.g. how they got my personal details. They emailed me a non-disclosure agreement following which I decided to find out as much as I could. The whole thing was clouded in secrecy and I couldn't make much progress. At this point I emailed the Watford Observer - in confidence - and told them what I knew, asking if they could add anything.
They couldn't.
So ... it's been interesting watching what's happened during the past few months, with clearly far more to come out!!!
Then the sting ! You are asked to pay a registration fee before the purchase is completed. Then nothing. Bingo - the scam is complete !
Harrydownunder
says...
12:05pm Sat 12 Jan 13
lutondown
says...
12:20pm Sat 12 Jan 13
Bush Hornet wrote:Wonder how many sold?
jasonwatford wrote:Ta Jason but gonna take LD up on his kind offer
just email the author bushhornet..he replied straigt way to me and sent me a copy in post....i hear waterstones in hemel hempstead had last copies left,
Bringe
says...
6:00pm Sat 12 Jan 13
Oracledave wrote:"nice" Valpolicella?!?! %P
So the Baz claim is that the Russos acquired 50% ownership in the club without any director presence or other say in the running AND stayed schtum when the Pozzo takeover was going through !? Er, I don't think so.
Either way seems we'll all soon be down the Red Lion enjoying a Lasagne washed down with a nice Valpolicella with genial hosts Vince and Jimmy (salad bar free of course)
Are you nuts, whatever next chavvy Lambrusco?
They do make some great other wines though although the best nearly always stays in Italy or gets shipped to New York.
@ChrisBottom16
says...
8:58pm Sat 12 Jan 13
lutondown wrote:I will tell you what i think, i think the russo's should give me 4 million pounds because i am a more sound character than baz!
tangoelite wrote:Nice new name.
I wonder what GT & Chris Bottom think about all this?
@ChrisBottom16
says...
9:00pm Sat 12 Jan 13
Play-Off Pete
says...
9:30pm Sat 12 Jan 13
inayellowshirt says...
8:28am Fri 11 Jan 13
From this story I guess that Bassini lied to the fans when asked if Russo's were involved, and if lying comes that easily to him then who could believe anything that comes from his lips?