Former Watford vice-chairman Jimmy Russo has confirmed he is interested in buying the Coca-Cola Championship club but only at the right price.

Chairman Graham Simpson and major shareholder Lord Michael Ashcroft announced last week they are prepared to sell their stakes in the Hornets.

Russo and his younger brother, Vince, were removed from the board in April 2007 but still own 29.1% stake and could make a bid for the £20 million club.

"We can confirm our interest in taking the club over," Russo told the Watford Observer. 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