Ex-chairman Jimmy Russo offers olive branch to Watford

Watford's players celebrate a goal against QPR recently

Watford are in decent form on the pitch - but their future remains unclear

Former Watford chairman Jimmy Russo says he is prepared to meet major shareholder Lord Ashcroft to discuss a deal to secure the club's future.

Russo threatened to take the Hornets into administration after rejecting the club's proposal to repay a £4.88m loan.

However, he told BBC 5 live: "I'm happy to suspend any legal action providing I have an appointment with them."

The club, who lie 10th in the Championship, will be deducted 10 points if they go into administration.

Russo, his brother Vince and business associate Robin Williams resigned from the board at an AGM on Tuesday after their offer to buy the club stumbled.

The Russo brothers, owners of Valley Grown Salads, immediately demanded a £4.88m loan be repaid.

A £7.5m rights issue proposal, led by Lord Ashcroft's Fordwat company, was subsequently rejected by the Russos, leading to an angry outburst by former Watford manager Graham Taylor, now acting chairman of the club.

"This decision has been taken by Jimmy to put the club into administration when it doesn't have to happen," said Taylor, who is also a former England manager.

"It makes me very unhappy. Not just for myself, but for of all the supporters and the effect it will have on the club with the points deduction.

"It's almost as if [he is saying] unless I get my own way, I will put the club into administration.

"We're asking them to defer their request for the money, but they are requesting it back now and if they don't get it back now they are saying the club will go into administration and that is extremely annoying and extremely disappointing."

Taylor also described Jimmy Russo as a "bad man".

But Russo responded: "Graham should be more selective with his words. I can't become a bad man having saved the club four times, injected somewhere near £9m with shares and other bits and pieces."

At the start of the month, Russo loaned the club £1m to secure its immediate survival.