Russo wants apology from Taylor

Former Watford chairman Jimmy Russo has mounted a robust defence of his position after Graham Taylor branded him a "bad man" for taking the club to the brink of administration.

The Hornets appear set to avoid such an outcome after Russo confirmed he would accept a fresh offer to pay off the £4.88million debt owed to him by the club. Prior to the offer of a new deal, interim Hornets chairman Taylor lashed out at Russo over his handling of the matter, but the former England and Watford manager's anger has been met with a similarly frosty reception.

"I thought that was a disgraceful comment," Russo told BBC Radio 5 Live.

"He should have been more selective with his words.

"How can somebody who has rescued the club four times, have a contribution of £9million in the club, never been paid a penny...become a bad man?

"I think Graham should apologise for that comment. I think that was totally out of order, and I don't think I deserved that.

"He should really look at that again and pick up the phone - if he's big enough."

Press Association Sport understands majority shareholder Lord Michael Ashcroft is to pay the £4.88million debt directly to Russo.

A Watford source told Press Association Sport: "Lord Ashcroft has written to Jimmy Russo's lawyers to say he will pay him the money, and asking him to stop the administration process.

"Watford are now awaiting a formal response."