'I had to reconsider my future investment' but Lee Power to continue funding Waterford for 2020

Waterford FC's financial future has been secured for next season after owner Lee Power decided to fund the club for 2020.

Alan Reynolds will continue as manager, having penned a new deal, with new singings to be announced in the coming days.

Power, however, issued a warning that he can't continue to finance the club on his own into the "long-term future" as he called for the backing of local businesses and supporters.

Power, who also owns Swindon Town, said he reconsidered his future investment in Irish football after taking a case to the Court of Arbitration for Sport against UEFA's decision to eject them from the Europa League. Clubs less than three years old are barred from competing in European competitions and Waterford's request for an exception was rejected.

Waterford lost out on at least €240,000 in prize money, which the club said at the time they had budgeted for and entered into "substantial commercial agreements and invested heavily again into the team" on that basis.

"I made the decision (at a considerable cost) to take UEFA to the Court of Arbitration, Lausanne, Switzerland," said Power in a statement.

"Unfortunately, the decision was upheld on a technicality which was very disappointing. With the stance the FAI had taken, I had to reconsider my future investment in Irish football.

"However, after lengthy meetings with everyone at the club, I have decided to finance the club for the next season.

As one person cannot do this alone for the long-term future, I personally ask everyone from the supporters, supporters club and businesses to back the club. I understand the team did not win as many games as previous seasons and it was disappointing to see the huge drop in attendance, but we are now looking forward to the new season.

"Therefore, I am pleased to announce Alan Reynolds has signed a new deal with the club and we look forward to continuing our football relationship. Alan has been busy getting ready for the new season and we will be announcing new signings over the next few days.

"Finally, I would like to thank everyone at the club, academy, blues supporters club, sponsors and the loyal fans for the support over the last season.

"We need every one of you in whatever way you can to support the ongoing future of Waterford FC."

Reynolds said he was happy Power's statement would ease fans' concerns over the club's future.

"I’m delighted to be involved with this club, not just for next season, but for everything we’ve achieved up to now. There has been a lot of discussion between myself and the owner to get to this," he said.

"Everyone here is really committed to bringing this club forward, the facilities are incredible, the fans are second to none. Thankfully, Lee’s statement today should dispel any concerns fans might have and we can now get down to announcing some of our signings during the week.

"Things have been quiet on the news front, but I have been working away quietly in the background and hopefully, we can announce players signing over the next few days/weeks.

"I’m really looking forward to the tough challenge ahead of us and we’ll face these challenges together as a club and a community. We really need the fans to come out again in force as they have done over the last few years.

"This year more than any we need to stick together and push on as one. They drove us over the line many times. Let’s all face this challenge together and drive on in 2020."