Watford owner Gino Pozzo has rejected an approach to buy into the club.

The Times says Pozzo has rejected a £125m offer to sell over a third of the club.

New-York based company, Prolific Media Holdings, made a bid to clinch a substantial share - which would have seen Pozzo still owning a majority stake.

However, the offer was turned down in the early stages of negotiations - with no sign a deal was close to progressing any further.

Pozzo has previously indicated an interest in selling just over a third of his shares.

That would have generated a enormous profit on the £500,000 he paid to purchase the club from Laurence Bassini in 2012, as well as committing £10m to clear existing debts.