Graham Simpon's resignation as Watford chairman has paved the way for a return to the board for former directors Jimmy and Vince Russo.

The Russo brothers, who are Chelsea season-ticket holders, were ousted after a bitter boardroom battle in May 2007, but the brothers' Valley Grown Salads company retains a 29.13 per cent stake in the club, and they are keen to attract investment to the struggling Championship club.

Watford's AGM is scheduled for a week on Monday, and is likely to come too soon for the Russos to return to the board.

Standard Sport understands that interim chairman Andy Wilson is keen to head a new five-man board from January, which would include the Russos.

Watford have received interest from consortia in Thailand, Ukraine, China and Hungary, but none has bid.

The club's parent company, Watford Leisure plc, is valued at about £6million, but a new backer would need to plough in at least an additional £5m to make the Hornets financially competitive again.

As it stands, defender Jay DeMerit, midfielder John-Joe O'Toole and forward Tommy Smith will all be sold next month to bring in much-needed revenue.

Simpson, whose stake is almost 17 per cent, was said to have been close to tears as he announced his resignation as chairman at yesterday's EGM.

Brendan Rodgers was appointed manager by Simpson only last Monday, and has been surprised by the timing of his departure.

The former Chelsea reserve-team coach said: "I was aware of the situation before coming in, as I had had a very open and honest conversation [with Simpson].

"It is a surprise that it has come so quickly, but I was always aware of it. I do not think it will have any impact on my role, and I would be quite sad if it did."