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Watford could soon be the subject of a takeover bid from former vice-chairman Jimmy Russo.

Russo was removed from the club board along with his brother Vince in April 2007. However, the pair still hold a 29.1 per cent stake in the Hornets, and the 52-year-old confirmed that he may launch a bid to buy the club, valued at around £20 million.

Russo said: "We can confirm our interest in taking the club over. The price would have to be right, though.

"We are under no illusions as to the size of the task. We've seen a phenomenal amount of money coming in and seen a phenomenal amount going out. We have access to the annual accounts and we have concerns as to the club's financial position."

"We have a structured business plan to take the company forward. We would make sure every single penny spent would provide value for money for the club but there would have to be some serious changes to take the club forward."

Club chairman Graham Simpson and major shareholder Lord Michael Ashcroft recently announced that they would welcome a purchase from the right bidder.

Russo also stated that his top priority should he and his brother complete a takeover would be the reconstruction of the dilapidated East Stand.

He added: Our concern after our removal from the board was the quality of the recruitment and the level of expenditure was far too high for a club whose priorities should have been the redevelopment, said the 52-year-old.

Our priority would be the rebuilding of East Stand, providing we could raise the funds.

Eurosport