Swindon Town chairman Lee Power described Waterford United as a club with "great potential" after taking ownership of the First Division outfit.
Waterford announced on Monday that the former Republic of Ireland U21 international, whose grandfather was born in the county, has assumed control of the club.
"I am delighted to be involved with a club of such great potential and one which has a wonderful footballing history," Power said.
"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.”
Power has pumped considerable funds into League One Swindon since arriving at the club three years ago, and last week Tim Sherwood was unveiled as director of football in a high-profile appointment.
Waterford United wishes to announce that Lee Power has assumed control of the football club.Lee is the current owner and chairman of Swindon
— Waterford United FC (@WaterfordUnited) November 14, 2016
Delaney backed Power to bring Waterford back to the big time, as he welcomed the development.
“Waterford United is a great club, it has outstanding facilities and it is in the heart of a football stronghold," he said.
“The region has produced some great players including the likes of the Fitzgeralds, the Hales, the Hunts, Daryl Murphy, John O’Shea and Jim Beglin, and through the great structures in the county it continues to produce a high level of underage internationals.
"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."
