By Dean Egan & Kevin Galvin
Waterford FC has been sold.
The club have sold 100% of its shares to R & S Forrest Holdings LTD, who are a UK-based company headed up by Richard Forrest.
It means the end of the time of controversial owner Lee Power, who bought the club in November 2016, and heralded what would be an 'exciting long-term project'.
That initially brought a meteoric rise, promoted from the First Division and immediately into the European places.
However, since the Blues had their European place taken by an FAI & UEFA ruling, and given to St Patrick's Athletic - something which Power says still "leaves a bitter taste in the mouth" - the Swindon Town owner's momentum behind the club has been questioned.
There were doubts about Power's commitment to the club at the tail end of 2019, before a December statement, in which the former Blues owner issued a warning that he can't continue to finance the club on his own into the "long-term future" as he called for the backing of local businesses and supporters.
In Marc Bircham, the club are on to their fifth manager in a year, and also had two club doctors resign amid COVID controversies.
A statement from Power, published on the Blues' website today reads:
"I am confirming that Waterford FC have sold 100% of its shares to R & S Holding Ltd who are a UK-based company headed up by Richard Forrest. Earlier in the year, Richard purchased 33% of the football club and the remaining shareholding was agreed over the weekend.
I would like to thank all the staff, supporters, and businesses of Waterford that have supported me and the football club throughout my time.
I would also like to think that I have left the club in a much better place than when I purchased it in 2016 when we were in the first division, attracting crowds of 200 and close to going out of business. After a lot of hard work and substantial investment, we managed to get the team back to the Premier League and also qualify for Europe, only for that to be taken away from us.
Ever since that decision was made by UEFA it has left a bitter taste in my mouth and it was difficult for things to stay the same. However, yet again last year it came down to the final game where a victory would have seen us back in Europe but it was not meant to be.
I have managed to steer the club through COVID and cover the substantial losses that came with that and felt that now is the right time for me to move over and let someone else take the club forward.
Me and my family will always continue to support and help the club in any way we can.
Once a Blue always a Blue
Lee Power"
Club Statement: Waterford FC can confirm that the club has been sold by Lee Power.
More on this to follow.#WaterfordFC #Blueshttps://t.co/knwCuTYxbX— Waterford FC (@WaterfordFCie) June 4, 2021
Who is Waterford FC's new owner?
Chelmsford-based Richard Forrest is a property developer, who has made his wealth in a chain of childcare businesses and nurseries, all under the holding company R& S Forrest Holdings Limited, which he owns along with wife Samantha.
These include four childcare facilities in and around the Chelmsford area, which is in the county of Essex, about an hour North-East of London.
According to business valuation site Pomada, the holding company is valued at over £12 million, having been setup in August of 2004, with net assets of £2.9 million and rating 4.5 stars out of 5 on their scorecard.
The company turned over £3.7 million in the year up to December 2019, with an operating profit of £926,000.
While it's unclear why the 50-year-old has taken the reigns at Waterford FC, it will be interesting to see what kind of backing he will give the club, as Bircham's side continue their battle to fight the drop.
