Watford have released a statement insisting that the Premier League club "is not guilty of any wrongdoing" with regard to Gino Pozzo's sole takeover in 2014.
City of London Police to investigate takeover of Watford in 2014
The statement follows the announcement of an English Football League investigation into Watford for allegedly supplying false financial information.
And Watford have been conducting their own internal investigation into the newspapers allegations.
Watford chairman Raffaele Riva stepped down from his position on Wednesday evening, but said he was leaving "in order to focus on my other business interests".
His role will be assumed by CEO Scott Duxbury, who subsequently joined forces with Pozzo to release a lengthy statement.
And Wednesday's message to the club's fans read in part: "Watford is a wonderful football club, deeply rooted in its community, and we are here to ensure its long-term well-being and prosperity.
"We share your pride at the progress the club has made over the past four years and we will not allow its name to be tarnished by the incident brought to light last week.
"Today the preliminary investigation from a firm of solicitors into that matter was completed and the findings will be sent to the EFL.
"We can assure every supporter the club acted with honesty, integrity and in good faith at every step and is not guilty of any wrongdoing, and we are sure this will ultimately be recognised.
"Thank you sincerely to all fans for their support over the past week. We would like to offer our heart-felt thanks for that.
"You have always been proud of your club - and rightly so. We will do everything we possibly can to ensure you continue to be proud of Watford FC and its achievements in the future.
"We note today that Raffaele Riva has stepped away from his position as Executive Chairman and we wish him well in his future endeavours. Scott Duxbury will now assume this role and be appointed Executive Chairman with immediate effect."
The club's fans displayed their support for their hierarchy ahead of last weekend's clash against Hull, displaying banners of Gino Pozzo and the words "So here's to you Pozzo family, Watford loves you more than you would know".
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