Watford were today put up for sale after their chairman and key investor revealed they wanted to quit the Championship club.

Chairman Graham Simpson made the announcement after confirming that takeover talks with a third party had come to nothing.

Simpson, who owns 16.8 per cent of Watford, and the club's largest shareholder Lord Ashcroft, who has a 37.2 per cent stake, are now looking for a new buyer to spearhead their push for promotion next season.

Simpson said: "What is important now is that progress is maintained and we find someone who is prepared to invest in the long-term future."

A Watford spokesman added: "On 25 April 2008 Watford announced the club had received a tentative approach from a third party and was in preliminary discussions which may or may not lead to an offer for the company.

"The discussions have not advanced and accordingly the company confirms that it is no longer in talks with any party.

"Graham Simpson has decided that after six years as chairman the time is right to seek a new leader. If a buyer can be found, he and Lord Ashcroft will look to sell their shares."