The Waterford FC Chairman / Owner Lee Power has confirmed he will continue funding the League of Ireland club next season, while manager Alan Reynolds has penned a new contract with the south-east club.
In a statement released on the club website, Power also revealed his disappointment at losing a case he brought to the Court of Arbitration for Sport.
The case concerned the Blues being denied a place in Europe earlier this year after not being granted a licence from UEFA to play in the competition.
"After certain events which took place earlier on in the season, I made the decision (at a considerable cost) to take UEFA to the Court of Arbitration, Lausanne, Switzerland 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."
Power said he would continue financing the RSC outfit next season, but acknowledged he cannot continue to do that alone for the foreseeable.
Club statement from our Chairman/Owner Lee Power.#Blues #WaterfordFC #WFChttps://t.co/Nq4rc4GX8K
— Waterford FC (@WaterfordFCie) December 18, 2019
"...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."
Power, also currently the chairman of League Two side Swindon Town cross-channel, added his delight that Alan Reynolds would continue on in his role as manager of the team.
"...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."
After spending ten years in Division One the Blues won promotion to the Premier League in 2017.