The Hornets have confirmed that primary discussions with prospective new owners have ended, having received a "tentative approach" from a third party in April.

A club statement read: "During this period Graham Simpson has reviewed his own position with the club and has decided after six years as chairman the time is right to seek a new leader to take Watford forward.

"This has been discussed with Lord Ashcroft, the company's largest shareholder, and accordingly it has been agreed if a buyer for Watford can be found then Lord Ashcroft and Graham Simpson will look to sell their shares.

"As a result the company's nominated adviser Strand Partners Limited has been instructed to make available information to any party they and the board consider to be suitable acquirers in order to encourage possible offers for Watford.

"Accordingly, the company remains in a formal offer period in accordance with the provisions of the City Code on Takeovers and Mergers."

Simpson added on the club's website: "During my tenure I believe the club has made rapid progress on and off the pitch. What is important now is this progress is maintained and we find someone who is prepared to invest in the club's long-term future."