Date:Thursday November 29 2012
The Football League have charged both Laurence Bassini and Watford with misconduct.
The charge relates to two alleged transactions in 2011 between Watford and finance company LNOC Limited.
The news was broken on Twitter last night by The Watford Observer, @Observer_Owl on Twitter.
@Observer_Owl 'Football League charge #WatfordFC former owner Laurence Bassini and club with misconduct.'
@Observer_Owl 'Football League seek order disqualifying former #WatfordFC owner from being director of football club.'
@Observer_Owl 'Former #WatfordFC owner Laurence Bassini says Football League charges are being defended 'vigorously`'
The alleged transactions came as two instalments of £500k from the deal which took Danny Graham to Swansea City and a further third transaction of two promissory notes both worth £900k in exchange for £1.66m advance from LNOC.
It is claimed that if the Hornets did not pay the two notes, LNOC would have been entitled to £1.8m from the Football League 'pool' account.
The Club contravened Football League rules when it did not inform the League's governing body within an initial 24 hour period.
As Watford did not seek League approval for the initial transactions in relation to the Graham deal, and failed to receive approval as a result, leading to a charge on two accounts.
Swansea subsequently made a £500k payment to Watford before making their second payment of £500k in February 2012.
However, as of September 2011, it has emerged that the Hornets should have been under a transfer embargo as clubs who agree deals with third parties to receive some or all of their Football League 'pool' money are subject to a transfer embargo until an agreement has been stuck and ratified by the Football League.
The Football League are also looking to disqualify Bassini from being a director at a football club for an as yet undetermined period of time.
Neither Watford Football Club nor the Football League have released a statement as yet.
PLEASE take care not to post any comments or intimate anything which could be construed as libellous or they will be taken down.
Date:Thursday November 29 2012
Opposing View: Crystal Palace (Saturday May 25 2013)
Prison warders among Deeney's Wembley guests (Saturday May 25 2013)
Play-off Final: Introducing the Eagles (Friday May 24 2013)
Chalobah lands 'Young Player of the Month' award (Friday May 24 2013)
Play-off Final: Re-telling 1999 & 2006 (Thursday May 23 2013)
Play-Off Final: where the game will be won & lost (Tuesday May 21 2013)
Head-to-head: Watford v Crystal Palace 2012/13 (Monday May 20 2013)
Talking Point: Mancini casualty of new direction (Wednesday May 15 2013)
Chalobah included in England U21's Euro squad (Tuesday May 14 2013)
A date with destiny: Palace in the play-off final (Monday May 13 2013)
|2. Hull City||46||24||7||15||+9||79|
|5. Crystal Palace||46||19||15||12||+11||72|
|6. Leicester City||46||19||11||16||+23||68|
|Boro track Pools ace
» Middlesbrough : 25/05/2013 16:36:00
|Opposing View: Crystal Palace
» Watford : 25/05/2013 14:00:00
|The Vital Forest Fan Interview: Woody
» Forest : 25/05/2013 13:09:00
|Prison warders among Deeney's Wembley guests
» Watford : 25/05/2013 12:45:00
|Will there be Trouble at Mills?
» Burnley : 25/05/2013 12:42:00
|Sammon Aims For More Goals
» Derby County : 25/05/2013 12:00:00
|LUFC On This Day - 25th May
» Leeds Utd : 25/05/2013 09:42:00