Watford owner Gino Pozzo has agreed in principle to sell Spanish club Granada to Chinese firm Link International Sports.
Pozzo, whose family also owns Udinese in Italy, bought the club back in 2009 and has agreed to sell it for a reported fee of €37m.
Media Base Sport, who acted to broker the takeover deal released a statement saying, "Gino Pozzo and Jiang Lizhang have reached an agreement for the Chinese company Link International Sports Limited to acquire Granada CF.
“After the consolidation of Granada in the Primera Division, and after studying the sporting and economic project presented by Jiang Lizhang, Gino Pozzo informs that, ahead of the relevant due diligence and the approval of the Superior Council of Sports (CSD), the agreement will become official in the coming weeks.”
Granada narrowly avoided relegation in Liga BBVA last season finishing 16th. The Hornets signed Abdoulaye Doucoure and Adalberto Penaranda in the January transfer window, with both spending time on loan at the Andalusian club and are expected to complete the signing of Isaac Success, who scored six goals and assisted five in 30 appearances last season.
Despite the takeover deal, a Spanish source has revealed that there could still be more business between Watford and Granada in the future.
Watford are looking to strengthen their squad and improve on their impressive showing on their first season back in the Premier League which saw them finishing 13th with 45 points and have already changed managers with Walter Mazzari taking over after Quigue Sanchez Flores left the at the beginning of May.