Hornets stay on tail of Tigers after escaping points deduction

An independent Football Disciplinary Commission has been investigating events concerning the Championship club, with the alleged misconduct charges arising from the handling of two financial transactions in 2011 which occurred during Bassini’s tenure as owner and director.

Bassini departed Vicarage Road in June, 2012 having sold the Hornets to the Pozzo family.

Under Gianfranco Zola, Watford have this season sustained a serious bid for promotion to the Premier League and are third in the Championship, just two points off second-placed Hull City, safe in the knowledge they have not received a points penalty.

They have, however, been hit with a transfer embargo of sorts, which still allows them to buy and sell players but only with prior authorisation of football authorities.

A Watford statement read: “Following the publication (yesterday) of the judgment, Watford FC is pleased to confirm that it has not received a points deduction or a fine.

“Former owner and director Mr Laurence Bassini has been banned from any participation in football for three years.

“The club has been made the subject of a transfer embargo, but wishes to emphasise that the embargo referred to falls under Regulation 19 of the Football League Regulations.

“This is not an absolute bar on transfers, but rather a mechanism by which transfer business can be conducted by the club provided that the prior authorisation of the relevant football authorities has been obtained.

“It is clear from the decision that the offences which the club has been found guilty of were committed by one or two individuals who are no longer associated with the club – and without the knowledge of the full board of the club.”

Watford have come under fire this season for exploiting rules to prop up their squad with 11 international loan signings, six of whom are from sister clubs Udinese and Granada.