UPDATED: Pozzo's complete takeover
The Watford Observer are this morning reporting that the Pozzo family takeover has been completed.
There is as yet no official word from the club but an announcement is expected later today to usher in the new ownership.
Gino Pozzo, son of Giampaolo, will run the club on a day-to-day basis and it is expected that ex-West Ham figures Scott Duxbury, Gianluca Nani and Gianfranco Zola will all be involved in the new configuration of the football club.
talkSPORT are this afternoon reporting that Zola could be joining Italian Serie A side, Sampdoria.
Ex-Liverpool boss Rafa Benitez appears to have pulled out of the running for the Sampdoria post and Zola is believed to be the new target. How much truth is in that remains to be seen.
Administrator Andew Andronikou, who has been involved with Portsmouth down the years, this afternoon told BBC Sport that the takeover had been completed: "We are delighted to have ensured that Watford's immediate future is safe.
"The family have a proven track record of building successful teams on the field, and balancing the books off it.
"This transaction is a significant one, as it provides the Pozzo football dynasty with a secure platform to introduce its successful formula to the UK."
Sky Sports News chief reporter Bryan Swanson has also been tweeting on the deal:
@skysports_bryan "Watford bought by SPV controlled by Pozzo family. SPV is a Special Purpose Vehicle - new company set up to buy club. #watfordfc"
As soon as there is an official statement, Vital Watford will bring it to you.