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Watford escape heavy punishment following football disciplinary hearing
Watford have not been deducted points or fined but former owner Laurence Bassini has been banned from participation in football for three years following the outcome of an independent football disciplinary hearing.
The Hornets and Bassini were charged followed alleged breaches of the Football League's regulations relating to two separate transactions between the Hornets and LNOC, a finance company.
One of the allegations related to two instalments following Danny Graham's sale to Swansea City and the other transaction was for two promissory notes worth £1.8m.
The Hornets have revealed the outcome in a statement. It reads: "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 emphasise 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 authorisation 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."
In November, solicitors acting for Bassini said the charges would be "defended vigorously" and Watford chief executive Scott Duxbury said he was "extremely confident of a successful outcome" and did not expect a points deduction.