Despite guiding the club to an 11th-placed finish in 2009-10, the club's 3rd highest points tally for 9 years, manager Sean Dyche was dismissed and replaced by Gianfranco Zola following the club's takeover by Udinese and Granada owner Giampaolo Pozzo. The club captain was central midfielder John Eustace, although due to injury, Goalkeeper Manuel Almunia was captain for the majority of the season. During the summer transfer window, the club sold two key first team players; academy graduate Adrian Mariappa and goalkeeper Scott Loach. To replace them, Watford brought in two experienced players in Manuel Almunia and Fitz Hall. All other incoming transfers were loan players, mainly from Udinese and Granada. Zola later revealed that the club only loaned the players due to the short time scale between the completion of the take over and the transfer deadline day.

Watford had a relatively poor start to the season, losing 7 of their first 13 games, including a heavy 5-1 loss to Derby County F.C.. In the subsequent months however, Watford began to win more matches and started to climb the table, rising to hold the 6th position by the end of 2012. Towards the end of the season, Watford were in contention for an automatic promotion spot together with Hull. On a dramatic final day of the regular season, Hull failed to guarantee their automatic promotion by only drawing to league champions Cardiff, however Watford were unable to capitalise against Leeds and finished the season in 3rd place, entering the play-offs. Over two games, Watford beat Leicester City on aggregate in a dramatic semi-final which saw them face Crystal Palace in the play-off final at Wembley where Crystal Palace won and sealed promotion to the Premier League.

...
Wikipedia