ON 25 April 2008 Watford announced that it had received a tentative approach from a third party and was in preliminary discussions which may or may not lead to an offer for the Company.

The discussions with representatives of the third party have not advanced and accordingly the Company has advised the Takeover Panel and confirms that it is no longer in discussions with any party.

However, during this period Graham Simpson has reviewed his own position with the Club and has decided that 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 that if a buyer for Watford can be found then both 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.

Speaking earlier today, the 62-year-old Chairman said: "During my tenure I believe the Club has made rapid progress both on and off the pitch. What is important now is that this progress is maintained and we find someone who is prepared to invest in the Club's long-term future."

Log-on to the official Watford website again tomorrow to read a full interview with Graham Simpson.