SNR Denton has taken a lead role on the takeover bid for Watford Football Club.

The London office of the transatlantic firm is advising the Championship football club's parent company – AIM-listed Watford Leisure PLC – on the £440,000 bid launched on the London Stock Exchange yesterday (10 March) by Watford FC Limited.

Watford FC Limited, which was set up earlier this year for the purpose of buying the club, is backed by entrepreneur Laurence Bassini and surgeon Panos Thomas. The company is being advised by West End law firm Howard Kennedy, with partners Michael Harris and Stephen Heinemann taking the lead roles.

The proposed deal values the football club – which has in recent years teetered been on the brink of bankruptcy – at 1p per share. The club has suffered financial difficulties following its relegation from the Premier League in 2007 after just one year in English football's top division.

The SNR Denton team advising on the takeover bid is being led by City corporate partner Neil Vickers, assisted by banking partner David Cohen.

Vickers, who has advised Watford FC for more than five years, said: "We are delighted to have helped Watford in connection with this offer, which is a highly significant moment in the club's history. The project was particularly satisfying because it deployed our corporate finance and banking skills in our leading sports practice."

The offer also includes an agreement to restructure £10m worth of debt that the club acquired by issuing bonds and warrants in a deal last year which handed roles to legacy Denton Wilde Sapte and Allen & Overy.

Fordwat, a major shareholder of the club, is being advised by Allen & Overy, while Irwin Mitchell is acting for bondholder David Fransen.

Other football club clients of SNR Denton's UK arm include Fulham, Sheffield United, Birmingham City and Manchester City.High Wycombe firm Barrea Solicitors also advised the bidder.

For more, see Dentons teams up with Watford FC on £10m secured bond issue.