Former owner Laurence Bassini has passed ownership outfit to the Italians, who now own three clubs - Serie A side Udinese, La Liga's Granada and the London-based club
The Pozzo family have completed their takeover of Watford, the Championship club announced on Friday.
It was reported last week that a deal was close, but it has now been concluded meaning the wealthy family have added the London-based club to Serie A side Udinese and La Liga’s Granda in their list of assets.
A statement on the club’s official website confirmed the development, adding: “The change will see the club owned by the Pozzo Family following Laurence Bassini's tenure at Vicarage Road.
“The club would like to thank everyone for their patience and understanding during recent times and look forward to releasing further details in due course.”
Bassini had insisted last week that the deal was off, claiming the Pozzo family did not have the required funds to complete the transaction.
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With the deal now complete, the Italians are thought to action their own ideas for the club.
Gianfranco Zola has been linked to become the club's new manager despite manager Sean Dyche guiding Watford to an 11th-place finish, their highest in four years.
Andrew Andronikou, partner at accountancy group UHY Hacker Young, which advised the club during the sale, said: "We are delighted to have ensured that Watford F.C.'s immediate future is safe, and the fans can now focus on what we hope will be a successful 2012-13 season on the pitch.
"The Pozzo family has a proven track record of both building successful teams on the field, and balancing the books off the field. This transaction is a significant one as it provides the Pozzo football dynasty with a secure platform to introduce its successful formula to the UK.
"We feel that today's sale is an excellent outcome for both sides and it provides the club with stability moving forward. We wish Watford every success and look forward to seeing the team build on the improvement we saw last season."