Watford executive chairman Raffaele Riva has stepped down following the allegations made against the club with chief executive Scott Duxbury taking on his position.

The Premier League club have completed their preliminary investigation into allegations of supplying false financial information to the Football League.

The allegations claim the Hornets submitted a forged bank letter when Gino Pozzo became the sole owner prior to the 2014-15 campaign.

In a statement on the club website, owner Pozzo and Duxbury said: "Watford is a wonderful football club, deeply rooted in its community, and we are here to ensure its long-term well-being and prosperity.

"We share your pride at the progress the club has made over the past four years and we will not allow its name to be tarnished by the incident brought to light last week.

"Today the preliminary investigation from a firm of solicitors into that matter was completed and the findings will be sent to the EFL.

"We can assure every supporter the club acted with honesty, integrity and in good faith at every step and is not guilty of any wrongdoing and we are sure this will ultimately be recognised.

"The three key pillars of stability, sustainability and growth are just as important today as they were when we first met and spoke with Watford fans back in 2012. Since that time, with the backing of the supporters, we have built both a Premier League side and a stadium of which we can all be proud.

"More important is all the good work which goes on at the club every day, by each and every employee, supporter and members of the community. With your help, we aim to ensure this fine work continues to help build a club with a vibrant future."

The statement continued: "Thank you sincerely to all fans for their support over the past week, particularly the banner which preceded the Hull City kick-off at Vicarage Road this weekend. We would like to offer our heart-felt thanks for that.

"You have always been proud of your club – and rightly so. We will do everything we possibly can to ensure you continue to be proud of Watford FC and its achievements in the future.

"You can have absolute confidence and faith we will continue to drive the club forward with ambition, whilst always remembering what makes Watford a very special club for so many people.

"We note today that Raffaele Riva has stepped away from his position as executive chairman and we wish him well in his future endeavours. Scott Duxbury will now assume this role and be appointed executive chairman with immediate effect."

READ MORE: Watford are investigated over allegations of providing a false bank letter to the Football League.

The bank letter was secured by Riva in 2014. He asked a third party to obtain a letter from the bank and insisted he had no reason to doubt the authenticity of it.

Riva has maintained his innocence and claims he his stepping down to concentrate on other business interests.

"I have decided to step down as chairman of Watford FC in order to focus on my other business interests," Riva told the club website.

"For the past four years I have acted with honesty and in good faith in all my dealings on behalf of the club, and the club has developed and grown a great deal in this period.

"I fully refute, and will protect vigorously my integrity against, any recent speculation.

"It will always be a source of great pride and honour to have been chairman during a period that has overseen such growth.

"Watford has done exceptionally well in the current season and I wish the club and its wonderful supporters nothing but future success."