Watford chairman Jimmy Russo has loaned the club's parent company £1million in order for the Hornets to survive the next month. Russo paid Watford Leisure PLC the hefty loan on Friday but it will only cover the company's costs until December 22.

"The November loan will only be sufficient to cover the company's cash requirements until 22 December 2009," a statement released to the stock exchange by the parent company on Monday read.

"In the event that further funding is not available to the club before 22 December 2009, then the board would seek a suspension of trading in Watford Leisure's shares on AIM pending clarification of its financial position.

"Further announcements will be made in due course."