Waterford FC have a new owner after Andy Pilley completed a takeover of the SSE Airtricity League First Division side.

The Fleetwood Town owner had been in talks with the club this month with Richard Forrest looking to sell up after a year at the helm.

Pilley, 52, brings more than 18 years of club ownership experience with him, having led Fleetwood to six promotions from the North West Counties Premier League to League One during his time in charge.

He invested heavily into the club, including overseeing a £12m into the club's training ground, developing their stadium and rebuilding their Highbury Stadium to what it is today.

Pilley becomes Waterford's new chairman, with Fleetwood CEO Steve Curwood and Jamie Pilley, son of the owner, joining the board of directors.

Andy Pilley said: "This is a real honour to have acquired Waterford FC, who I believe remain one of the biggest in Irish football.

"The opportunity was presented to me last week, and having attended the games against Galway and Cork I was blown away by the level of support from the fans, the passion of the local people and the potential there is here at the club.

"Having spent time around the city, the word stability is something which consistently figured high on supporters wishlists, so that’s something which I feel is going to be hugely important going forward.

"We want to put a professional infrastructure into Waterford FC similar to the one we have over in the UK where we’ve had enormous success.

"The secret of success here will be the whole city coming together. The football club needs to become aligned with the community, the supporters, the business community and the council. For me this is a long-term investment into a club and the city.

"In 18 years as a club owner I feel I’ve learned a lot about what is required to make a football club successful and feel myself and my senior staff can make a big impact at Waterford.

"We can’t wait to get started."

Waterford look set to compete in the play-offs for promotion to the top flight at the end of the campaign as they currently sit third in the table.