Watford seek new buyer

Chairman Graham Simpson plans to step down

Last updated: 3rd July 2008

Graham Simpson Watford

Simpson: To call time on reign

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Watford are to begin their search for a new owner after Graham Simpson confirmed he is ready to step down as chairman of the club.

In April, the Championship outfit announced they had received a 'tentative approach' from a third party.

However, it has been confirmed that talks with the prospective new owners have now ended after they failed to advance.

But, in light of the approach, Simpson has considered his position at Vicarage Road and concluded that the time is right to call time on his six years at the helm.

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.

Offers encouraged

"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 official 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."