Watford chairman Graham Simpson says he is willing to step aside if a buyer can be found for the Championship club.
The Hornets have confirmed that primary discussions with potential new owners have ended after receiving a tentative approach in April.
A club statement said: "During this period Graham Simpson has reviewed his own position with the club.
"He has decided after six years as chairman the time is right to seek a new leader to take Watford forward."
The club have confirmed that Simpson and the company's largest shareholder Lord Ashcroft would look to sell their shares if a buyer can be found.
Simpson told the club website: "During my tenure I believe the club has made rapid progress on and off the pitch.
"What is important now is this progress is maintained and we find someone who is prepared to invest in the club's long-term future."
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