Watford Leisure, the owner of Championship football club Watford, was yesterday offered an eleventh hour financial lifeline that may save it from administration. Fordwat, an investment vehicle of wealthy Conservative peer Lord Ashcroft, has proposed to underwrite a £7.5m rights issue. This would allow Watford to pay off its £4.9m loan to Valley Grown Salads, which has issued a written demand for the debt.
Guardian examines regional titles
Newspaper publishing company Guardian Media Group is in exploratory talks about consolidation of its regional titles with other newspaper groups, it said yesterday, but is not about to sell its flagship Manchester Evening News. It was earlier reported that the group had held talks to sell GMG Regional Media, the operation which includes the Manchester Evening News, to Trinity Mirror for as little as £40m.