It may not be at the same level as a Russian energy billionaire or a middle east sovereign wealth fund but the League of Ireland is this morning celebrating its own overseas investment with the news that a controlling interest in Waterford United has been bought by Lee Power.
Power is the owner and Chairman of Swindon Town in the English Football League and has hinted there will be the potential for players being loaned between the two clubs in the future.
He too over that club in 2013, clearing a debt of €1.25 million and investing in the day to day running of the club.
They reached the League One Play Off Final but since then results have taken a turn for the worse and they currently lie 19th in Division One. Last week they appointed former Tottenham manager Tim Sherwood as Director of Football.
Power is London born and spends most of his time living in Switzerland. He has family roots in Waterford and played for the Ireland U21’s in a career that stretched across nine clubs and included a spell as an apprentice at Norwich City where he was responsible for cleaning Andy Townsend’s boots.
He was a Director of Thomas Cook Sport and made money from a publishing company that was involved in producing football programmes but went out of business after he left.
“I am delighted to be involved with a club of such great potential and one which has a wonderful footballing history,” said Power after sealing the deal for Waterford yesterday.
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“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.”
Waterford United have won the League of Ireland six times in their history and this investment should secure a club that looked on shaky foundations earlier in the year.
