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Watford Launches Internal Investigation Into Allegedly Falsified Financial Document

EPL side Watford confirmed it has launched an "internal investigation into an alleged fabricated financial document" supplied to the English Football League, according to Sam Morshead of the London DAILY MAIL. It was reported on Monday that the Hornets "submitted a forged banking letter to the administrative body" when Gino Pozzo took sole charge of the club in '14. The club has now "instructed independent lawyers to investigate the alleged incident" and said that it is "taking this matter extremely seriously." The statement read, "Watford Football Club 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 document purporting to be from HSBC was reportedly "used as proof of funds" to the extent of £7M, enabling Pozzo to take complete control of the Hornets from his father, Giampaolo. An EFL spokesperson said, "We can confirm, following receipt of information from The Daily Telegraph, that we immediately commenced a disciplinary investigation into serious allegations made against Watford Football Club." A Hornets spokesperson confirmed that two investigations are taking place, saying, "It would be inappropriate to comment further until those investigations reach completion" (DAILY MAIL, 10/24).

CONTROVERSIAL TENURE: In London, Ben Rumsby reported the Pozzos "are the first family to own clubs in the top flights of England, Spain and Italy at the same time." But they "are relative paupers when it comes to the billionaire’s playground that has become the Premier League." So, for Giampaolo and his son "to transform Watford from Championship also-rans to one of the top 10 teams in the country in just four years is no mean feat." They completed their takeover in '12, two-and-a-half years after the club "stood on the brink of administration." Today, Watford is ninth in the Premier League. The Pozzos' tenure "has not been without controversy, however." Their use of their two other clubs, Udinese and Granada, to sign 14 players on loan "prompted a change to the Football League’s rules" in the summer of '13. They also "went through six managers" between July '12 and May '16. One figure, however, "has remained constant" over the last four years, "little-known" Exec Chair Raffaele Riva. It "was Riva whose task it was to obtain the fateful bank letter." The timing of "the revelation that the letter was falsified -- apparently unknown to Riva -- is also deeply ironic," with Pozzo Jr. having focused all his energies on Watford, moving to London, selling Granada, and "reportedly looking to offload Udinese" (TELEGRAPH, 10/24).

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