Malky Mackay is hoping the pending Watford takeover will “allow the club to grow” and “build on what is already at the club”.

It was announced yesterday that Watford FC Limited has agreed in principle a deal to buy the shares of major shareholders Lord Ashcroft and former chairman Graham Simpson and his wife Yianna.

This would give potential investors Laurence Bassini and Panos Thomas a stake of more than 50 per cent but the pair have plans to buy the club outright, by activating the 202,840,000 warrants attached to the bond issue.

Mackay said: “The board of directors and the staff at the club over the last 18 months have done an awful lot to bring stability to the football club, but it has always been about trying to attract finance to make us grow as a club.

“Hopefully with the takeover in the offing at the moment, that will allow the club to grow and add to the infrastructure we are trying to build here at the moment.

“Hopefully it is good news for the fans and the future of Watford going forward.”

The 36-page document released to the Stock Exchange yesterday also included details of what Bassini and Thomas would do should they gain control of the club.

One of the areas mentioned was the development of the Vicarage Road Stadium.

Watford FC Ltd plan to redevelop the South-West corner and build a new East Stand but it is the relaying of the Vicarage Road pitch which would probably have the biggest impact on Mackay’s men.

He said: “The pitch is obviously a cause for concern and has been a talking point, certainly this season and last season.

“The fact we have a pitch in the 13th year of a ten-year cycle and then add rugby being played on it, by this time of the year, for the last couple of years, has been almost unplayable at times.

“If we are able to get a new pitch over the summer then it will be fantastic.

“We would then have a pitch suitable and fitting of both the team, the fans and the club.”

Graham Taylor will remain as chairman should the takeover be completed.

The Watford legend talked briefly about the take over during a radio interview last week.

Taylor was asked about how important it was to him that the club found the “right people” to take over.

He replied: “It is important to all of us, it isn’t just myself, it is the current board of directors and what have you.

“The reality in one respect, the board may recommend or may not recommend but the major shareholders can decide whatever the recommendation is.

“We have to be as careful as we can about that and make sure that our feelings are known.

“I wish I could go further into it at the moment but I just can’t. I would personally get in trouble.”

Speaking about potential investors in general, Taylor added: “You look at people and you are trying to get a feel for them. Why do you want to buy Watford Football Club? Why would you buy any football club?

“These are questions that you ask people and you try to get a feel. Yes, you can Google this and you can Google that and yes, we do our due diligence and all of those things. But at the end, we are today sat round talking to one another, looking at one another and getting a feeling of what is it about that person.

“You have to go on your gut feeling now and again. Now some days you will get that wrong but if I get it wrong, I got it wrong honestly, because we all get things wrong.”