Graham Taylor fears for the future of Watford.

Taylor - who as manager led the Hornets to second place in the top flight in 1983 - spent yesterday, in his position as acting chairman, trying to find new investment in the club.

"Whatever happens, we are at a very crucial time in this club's future, it goes without saying," said Taylor.

"Now we can all look back and decide who we want to blame for this and say this and that but the reality is that there is not going to be much gained.

"I believe in looking forward. This is what it is, this is the reality. We have to face up to it, we are threatened with administration and the demand from Jimmy and Vince for their money to be returned will put us into administration.

"I make no bones about saying that because that is a reality."

Graham Sterry, the chair of Watford's Supporters Trust, said: "Graham Taylor has got the best interests of Watford at heart."