LONDON, (Pakistan Point News - APP - 03rd Nov, 2016 ) - Raffaele Riva announced he is stepping down as executive chairman of Premier League club Watford on Wednesday but said it had nothing to do with allegations made in the Daily Telegraph last week. Watford too announced they had concluded their own investigation into the allegations that the club forged a letter from HSBC bank during Italian Gino Pozzo's 2014 takeover of the club, which was bought by his family in 2012.
Watford said they will send the report to the English Football League (EFL) (they weren't in the Premier League at the time) stating the club "is not guilty of any wrongdoing". Riva said he "fully refutes, and will protect vigorously my integrity against, any recent speculation". The EFL has also launched an investigation, leaving Watford facing the prospect of a large fine or even a points deduction. The case centres around a proof of funds document sent to the EFL in order to ratify a change in shareholders. As Watford were playing in the Championship at the time, the matter is being investigated by the EFL, which oversees the three divisions below the Premier League.