June 29th, 2012 is a special day for Watford Football Club. It’s the day when the reign of Laurence Bassini came to an end and the reign of Gino Pozzo began. On June 26, sources indicated an agreement as “imminent.” At Jones Day’s headquarters in central London on the night of June 28 and the morning of June 29, several of those in the room — excluding Bassini — did not get much sleep.
Initially, there were rumors that it might occur, but it did not. Then there were again rumors that it might occur, but it was postponed, and then it did occur and it happened kind of all of a sudden, like that.
Bassini signed the final papers to seal the sale at his house in Stanmore, where he is said to have received an estimated £500,000, with Hornets Investment Limited becoming the club’s new parent company.
Andronikou, of UHY Hacker Young, stated at the time, “We are thrilled to have guaranteed that Watford’s immediate future is secure.” “Gino Pozzo has a track record of fielding winning teams and balancing the budget. This deal is a crucial one as it gives the Pozzo football dynasty a safe base to deliver its successful formula to the UK.”
Watford Leisure Limited owed £7 million to bondholders at the time of the Pozzos’ acquisition, while £2.1 million included as an “exceptional item” on the balance sheet after the takeover represented a debt payable to a third party on behalf of the prior ownership.
It was believed that Bassini’s WFCL borrowed around £1.5 million in the club’s name (£600,000 in an advance for Graham’s transfer income and £900,000 against TV revenue).
Through connections in Italy, word immediately spread that the Pozzo family firm had made a new acquisition. “I had taken a few days of leave to go to Sardinia with my family,” recalls Andrea Carnevale, the Pozzo network’s scouting director. “I’m delighted and proud to work seven days a week, but you need a break now and again.” I was in Rome with my luggage packed and plane tickets in hand when Gino Pozzo called to inform me that we had to leave immediately for London because he had purchased Watford FC. It had been discussed for some time, but the actual acquisition was completed quite fast.”
There were 43 days remaining until the 2012-13 season began. Within a week, the first significant choice was made. In a statement, the new owners acknowledged Manager Sean Dyche’s “impeccable behavior, representing the Hornets with respect and dignity at all times.” Despite this, Dyche was fired on July 6.
“They made the right choice since it wouldn’t have worked otherwise. It’s a different, European-style paradigm,” Dyche remarked. “It’s not because I’m not excellent at what I do.” The owner and technical director have a significant voice in all matters, including both the commercial and football aspects.
Gianfranco Zola joined the next day. It was believed that the former Chelsea and Italy forward would be ideal for integrating an influx of international players into his familiar English milieu.
As the revolution began, 15 players were added to the team, including 12 from either Udinese or Granada.
Promotion to the Premier League would not be accomplished until the 2014-2015 season, following a loss in the Championship play-off final against Crystal Palace.
In the last decade at Watford Football Club, there have been two promotions to the Premier League, six seasons in the top division, an appearance in the FA Cup final, and 16 permanent head coaches or managers. Despite the fact that not everything has been perfect on and off the field, the last decade could have been very different if the Gino Pozzo deal hadn’t been finalized on June 29, 2012.
Football is a long-term endeavor, according to Gino Pozzo. “One cannot predict what will occur in one or two years. There is a significant difference between being in the Championship and the Premier League. Therefore, you must be prepared to adapt your strategy accordingly.
“We do not wish to jeopardize the club’s finances or the manner in which it is managed. “We are determined to construct something that will be stable.”
Learn more about Gino Pozzo on https://www.crunchbase.com/person/gino-pozzo
