Watford have released a statement confirming owner Laurence Bassini and chairman Graham Taylor have "drawn a line" under their fallout for the "best interests of the club".

The statement read: "Having talked over the events of the past week at Vicarage Road, Hornets’ owner Laurence Bassini and chairman Graham Taylor are keen to draw a line under what has happened and move forward in the best interests of the club.

"The two met at Watford Football Club’s offices this afternoon and shared a productive and positive exchange of views.

"There will be no further comment from either individual and the club now considers the matter closed."

It also explained how decisions at the club will now be made following the creation of an executive committee.

The statement read: "The Hornets would also like to provide clarity around its executive operational structure.

"The Watford FC board of directors ratify all major decisions affecting matters at the club and, through owner and director Laurence Bassini, enjoy a day-to-day decision-making presence within the Vicarage Road offices.

"The executive board, which takes its lead from a Watford FC Board member present at its regular meetings, comprises of those representing the four key pillars of the club: football, community (Trust), commercial and operations.

"The exec board is supplemented by financial and administrative input, with the communications function playing a key advisory role.

"All day board instructions are implemented by the exec board, however, with regard to larger project-based items and significant financial commitment, the group recommends its proposals for approval to the board of directors.

"This way of working provides a more effective working relationship between all club staff and the board of directors."