Waterford owner Andrew Pilley will now be sentenced in July following his conviction for fraud in England.
Pilley, who also owns English League 1 side Fleetwood Town, was found guilty of two counts of running a business with the intention of defrauding creditors, one count of false representation and one count of being concerned with the retention of criminal property.
He was convicted at Preston Crown Court and had a pre-sentence hearing on Tuesday
The fraud relates to the mis-selling of energy supply contracts to small businesses and is not related to his football interests.
Judge Knowles KC had hinted at a prison sentence, with the 52-year-old currently remanded in custody.
Details of the offences have also been revealed by British National Trading Standards.
At the heart of the fraud "was a web of interconnected companies that misled innocent small businesses across the UK" into signing long-term energy contracts between 2014 and 2016.
The fraudulent mis-selling included false or misleading statements about the length and price of the contract as well as competitor rates.
Charities including guest houses, children's charities and companies providing support services for disabled people were among those targeted.
Annual turnover at two principal companies grew from £15m to £75m between 2010 and 2015.
Turnover was over £100m by 2019. Combined profits were between £2m and £12m.
Three other individuals were also convicted.
Michael Bichard, chairman of National Trading Standards, said: "Small business owners were deliberately deceived and locked in to contracts that were long-term and expensive, leaving many businesses struggling to pay the bills and sadly driving some business owners into making the difficult decision to cease trading.
"This is not a victimless crime - small business owners have lost vast sums of money to this fraud and many businesses have gone under."
A Waterford FC statement issued at the weekend read: "Following news of a verdict in a court case involving Andy Pilley, the club would like to issue the following update.
"Waterford Football Club would like to reassure supporters the club will continue to operate as normal and there will be no risk to the future of the club.
"The club's senior management team and directors have been planning for a number of months for the event of a verdict of this nature.
"A meeting of the club's management has taken place this this morning and plans are already in operation to ensure its business as usual.
"We’d like to reassure supporters charges are solely brought against Andy Pilley and not Waterford Football Club, Fleetwood Town Football Club or any of the businesses attached to the group."
The Blues were purchased by Pilley last year, ending a period of uncertainty.
They missed out on promotion last year in a play-off and are currently second in the First Division under a high-profile management team of Keith Long and Alan Reynolds.
Pilley has invested millions of pounds in Fleetwood and has also been bankrolling Waterford since taking over, with a view to becoming an established Premier Division side again.
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