Three members of the board at Championship side Watford have resigned at the annual general meeting of the cash-strapped club's parent company.

Chairman Jimmy Russo, his brother Vince Russo and Robin Williams have stood down from their positions on the board.

But former England boss Graham Taylor, Stuart Timperley, Julian Winter and David Fransen remain in place.

Watford's future looked uncertain going into the meeting as they need £5.5m by June 2010 to avoid liquidation.

Russo had to loan the club's parent company £1m just to survive the next month.

But that loan will only be enough to cover the holding company's immediate cash needs until 22 December.

Russo has now demanded the immediate repayment of a £4.8m loan that he injected into the club.

That could push the Hornets towards administration, according to BBC Three Counties Radio's reporter Jon Marks.

Watford have been negotiating with former chairman Graham Simpson and Lord Ashcroft, the club's two major shareholders.

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