Championship outfit Watford have avoided a points deduction or a fine after the Football League found that the club and former owner Laurence Bassini had been guilty of breaching regulations.

Two offences were committed back in 2011 during what were believed to be transfer dealings at Vicarage Road.

However, despite being found guilty, the Hornets have not been handed a punishment. Bassini, though, has been banned from having any involvement in football for three years.

"Following the publication today of the independent Football Disciplinary Commission's judgement, Watford FC is pleased to confirm that it has not received a points deduction or a fine," read a statement on the club's official website.

"It is clear from the decision of the Football Disciplinary Commission that the offences which the club has been found guilty of were committed by one or two individuals who are no longer associated with the club - and without the knowledge of the full board of the club."

Watford have been placed under a form of a transfer embargo, where they will have to gain permission from the football authorities before they can buy or sell a player.