Bassini and Watford were found to have breached Football League regulations earlier this week, although the Championship side avoided the possible points deduction that had been rumoured and were instead placed under a transfer embargo of sorts.
The parties were charged with misconduct over the handling of two financial transactions in 2011 which occurred during Bassini's tenure as owner and director, one of which related to Danny Graham's move to Swansea.
Bassini departed Vicarage Road in June 2012 having sold the Hornets to the Pozzo family.
In a statement, 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."