Bassini and Watford were on Monday both found to have breached Football League regulations, although the promotion-chasing npower Championship side avoided a points deduction or a fine, instead receiving a transfer embargo of sorts which runs until August 31.
An independent Football Disciplinary Commission had been investigating events concerning the Hertfordshire club, with the alleged misconduct charges arising from the handling of two financial transactions in 2011 which occurred during Bassini's tenure as owner and director - one of which related to the transfer of striker Danny Graham to Swansea in June 2011.
Bassini departed Vicarage Road in June 2012 having sold the Hornets to the Pozzo family.
In a statement released to Press Association Sport, Bassini said: "I am very disappointed with the findings of the Football League Disciplinary Commission, which flies in the face of the evidence that the Tribunal had before it from myself and others.
"I have already said that I will be appealing and fully intend to pursue this until I have cleared my name.
"When I took over Watford, as the Tribunal accepted, its finances were in a far worse state that I had been led to believe and all of my actions were focused on the need to ensure the financial stability of the club and to give it the platform from which it could succeed on the pitch.
"I believe, and the Tribunal has accepted, that at all times I have acted in the best interests of Watford FC and know that I left it in a far stronger position than when I purchased it and that it has been able to build on that to now challenge to return to the Premiership.
"Since my appeal is still pending I will be making no further statements about the findings."
- Sports & Recreation
- Football League