Lee Power has confirmed that he will continue to fund Waterford FC for the 2020 season.

Alan Reynolds is also set to stay on as manager of the Blues, after agreeing a deal with the owner.

Power was said to be frustrated when the club were prevented from competing in the Europa League over the summer, on a technicality.

He took a case to the Court of Arbitration for Sport in Switzerland, but lost, and Waterford were replaced by St Patrick's Athletic.

Reports last month suggested that the club would be returning to a part-time set-up, and Power's statement confirms that finances will need to be sourced for the "long-term" viability of the club.

Waterford finished sixth last season.

Power said: "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.

"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."