Waterford United have been thrown a financial lifeline after Swindon Town chairman Lee Power agreed to assume control of the club.
In an announcement on their social media channels on Monday afternoon, Power - who represented Ireland at U21 and B level - appears to have secured the long-term future of the club which was in doubt earlier this year.
The club issued an appeal in April so as to raise €80,000 that it had accrued in debt to keep the club from becoming the latest in a long line to go bust.
"I am delighted to support Lee as the new owner of the club and I look forward to the success that is sure to come," outgoing chairman John O'Sullivan said in a statement.
"I would like to thank all the committee members over the years who have helped to keep things going during a tough time for the region."
Power, who has family roots in Waterford, said: "I am delighted to be involved with a club of such great potential and one which has a wonderful footballing history. I hope the supporters and the business community will get behind what is a new beginning for Waterford United.
"I see this as a very exciting, long-term project. The facilities at the RSC, as well as those at the WIT Sports Arena are top class.
"I wish to thank FAI Chief Executive John Delaney for all his assistance over recent months, and I look forward to the coming season with great anticipation. I would also like to pay tribute to outgoing Chairman, John O’Sullivan and I would like to thank him for his assistance with the change of ownership."
Swindon Town chairman Lee Power (left) alongside director of football, Tim Sherwood. Image: Simon Galloway EMPICS Sport
John Delaney, who met Power on Monday afternoon at the FAI's base in Abbotstown added: "Waterford United is a great club, it has outstanding facilities and it is in the heart of a football stronghold.
"Waterford is steeped in football, and their victory in the 1980 FAI Cup Final stands out as one of the great sporting achievements for this great city.
"It’s a club that is extremely close to my heart. My father was Chairman of Waterford and I was club secretary, and I want to thank John O’Sullivan for his great efforts over the years.
"I’m delighted that a great football man in Lee Power is coming in to bring the club back to a highly competitive level, and replicate past glories."
Waterford has produced internationals like Jim Beglin and John O'Shea and have won the Irish top flight a total of six times.
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