Watford appear poised for a takeover after a group led by entrepreneur Laurence Bassini announced their intention to launch a £440,000 bid to the Stock Exchange. Watford FC Ltd, set up by surgeon Panos Thomas but owned by Bassini, have been linked with a move for the Hornets in recent months.

And they appear to be a step closer to taking over at Vicarage Road after the terms of their offer to the club's parent company, Watford Leisure PLC, were revealed.

Should the offer of 1p per share for the loss-making company become unconditional, it is believed that Bassini will provide £3.5 million of working capital.

The Championship club had no comment to make at this stage of the process.