Lee Power has brought his involvement as the owner of Waterford Football Club to an end, selling the club to a UK-based company.
Power, who is the current owner of Swindon Town, has sold his stake to R & S Holding, a company headed up by Richard Forrest.
The Blues currently lie bottom of the SSE Airtricity League Premier Division.
Alan Reynolds guided them to promotion from the First Division back in 2017, but in recent times, there has been managerial instability, with former Republic of Ireland internationals John Sheridan and Kevin Sheedy enjoying short-lived spells in charge.
In a club statement, Power said:
"I am confirming that Waterford FC have sold 100% of its shares to R & S Holding Ltd who are a UK-based company headed up by Richard Forrest. Earlier in the year, Richard purchased 33% of the football club and the remaining shareholding was agreed over the weekend.
"I would like to thank all the staff, supporters, and businesses of Waterford that have supported me and the football club throughout my time.
"I would also like to think that I have left the club in a much better place than when I purchased it in 2016 when we were in the first division, attracting crowds of 200 and close to going out of business. After a lot of hard work and substantial investment, we managed to get the team back to the Premier League and also qualify for Europe, only for that to be taken away from us.
"Ever since that decision was made by UEFA it has left a bitter taste in my mouth and it was difficult for things to stay the same. However, yet again last year it came down to the final game where a victory would have seen us back in Europe but it was not meant to be.
"I have managed to steer the club through COVID and cover the substantial losses that came with that and felt that now is the right time for me to move over and let someone else take the club forward.
"Me and my family will always continue to support and help the club in any way we can."
Once a Blue always a Blue
Lee Power
Download the brand new OffTheBall App in the Play Store & App Store right now! We've got you covered!
Subscribe to OffTheBall's YouTube channel for more videos, like us on Facebook or follow us on Twitter for the latest sporting news and content.
