Official Club Statement - timed 10am, Monday March 18, 2013:
FOLLOWING the publication today of the independent Football Disciplinary Commission's judgement, Watford FC is pleased to confirm that it has not received a points deduction or a fine.
Former owner and director Mr Laurence Bassini has been banned from any participation in football for three years.
The club has been made the subject of a transfer embargo, but wishes to emphasize that the embargo referred to falls under Regulation 19 of the Football League Regulations. This is not an absolute bar on transfers, but rather a mechanism by which transfer business can be conducted by the club provided that the prior authorization of the relevant football authorities has been obtained.
It is clear from the decision of the Football Disciplinary Commission that the offences which the club has been found guilty of were committed by one or two individuals who are no longer associated with the club - and without the knowledge of the full Board of the club.
Neither Watford Football Club - nor any of its individual officers - will be making any further comment on this matter.