Watford have confirmed they will not be entering administration after paying back money that had been owed to former chairman Jimmy Russo.

The Hornets had appeared to be on the brink of administration after Russo stepped down from his position last week and demanded the repayment of a £4.88million loan his company had made to the club.

Russo also rejected a £7.5million rights-issue package from majority shareholder Lord Michael Ashcroft before the two parties finally came to an agreement.

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