Watford chief executive Scott Duxbury has confirmed the club has instructed independent solicitors to carry out an investigation into allegations of supplying false financial information to the Football League.
The Telegraph claims the Hornets submitted a forged bank letter to the Football League, now known as the EFL, when Gino Pozzo became the sole owner prior to the 2014-15 campaign.
In a club statement, Duxbury said: "Watford was recently contacted by the EFL in relation to matters concerning a proof of funds document for £7m provided to the EFL by Hornets Investments Ltd in 2014 in order to ratify a change in Hornets Investments Ltd shareholding.
"The club had no prior knowledge of any concerns about the authenticity of the document and Hornets Investments Ltd has invested over £20m into the club since the proof of funds 2014 document.
"The club takes this matter extremely seriously and has instructed independent solicitors to carry out an investigation into relevant matters and provide the EFL with the solicitor’s report early next month. The EFL has indicated it is happy with this course of action.
"In light of the ongoing investigation it would be inappropriate to comment further at this time."
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