Watford have been owned by Gino Pozzo since 2014 and have twice won promotion to the Premier League in that time, as well as reaching the FA Cup final in 2019.

But they were relegated from the top flight of English football in 2022 and finished 15th in the Championship last season, 17 points adrift of the play-off places.

They have had nine different bosses since the summer of 2020, with Cleverley the latest to be appointed in April, following a spell as interim boss.

“In common with many other clubs, we have been exploring opportunities to bring investment into the club as we look to grow the club further and bolster revenue streams which, in turn, allow us to strengthen the playing squads,” the statement said., external

“Put simply, we are aiming to offer approximately 10% of the club at a value of £17.5million, on the basis of a valuation of £175 million.

“Having posted a pre-tax profit of £24.1 million for the last financial year, reported to be the highest in the EFL, we believe this is a fair valuation.”

The statement added: “We believe this project can form a key strand of football’s future finance, where investors and supporters alike can enjoy the fruits of the club’s future success.”