Waterford United has been saved from liquidation.

The First Division club have reached an 11th hour agreement with former manager Stephen Henderson over his compensation claim.

He was owed €37,600 by the club and sought a winding-up order.

Henderson had rejected a previous settlement as he ‘did not trust’ the club to pay him.

A new deal was arranged just prior to today's High Court hearing, where the club was set to be issued with a winding-up order.

In a statement, Waterford expressed their thanks to the club's fans who "put their hands in their pockets over the last couple of days and dug deep once again to help their club".

The Waterford supporters have agreed to contribute a further €10,000 to the €50,000 compensation package that had already been offered to Henderson.

Former manager Stephen Henderson ©INPHO/James Crombie