Graham Taylor has agreed to stay on as Watford chairman until June 30.
The former Hornets and England manager, 65, stepped in as interim chairman after last month's AGM when previous incumbent Jimmy Russo resigned and threatened to put the club into administration.
Watford averted that threat when major shareholder Lord Ashcroft came up with the funds to repay Russo a loan of nearly £5million and keep the club running until the end of the season. Taylor will now stay at the helm at least until the summer, when the situation will be reviewed.
He told the club's official website: "Many people are aware that Watford is very special to me so it was impossible to say no to becoming chairman. I just hope to be able to be the kind of chairman that, along with the board, lets the manager get on with things.
"We have many challenges off the pitch but believe in the plan moving forward and that the football club will be in a much healthier position as the season progresses."
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