Waterford FC owner, Andy Pilley, has been sentenced to 13 years imprisonment.
He had been found guilty of fraud and money laundering back in May but was only given his jail time in Preston Crown Court today.
The 52-year-old had been running his energy business with the intention of defrauding creditors.
He was also found guilty of one count of being concerned with the retention of criminal property and another count of false representation.
Pilley's trial lasted eight months and during it, his barrister, Jonathan Laidlow, requested that the judge doesn't come down too hard on his client.
He added that Pilley was "fundamentally a good man who has led and is capable of leading a productive and worthwhile life."
The court was told Pilley had been helping illiterate inmates to write letters to loved ones while in Preston Prison.
Waterford FC have not had much to say on the matter but did release a statement.
"Waterford Football Club acknowledges the sentencing in the court case involving owner Andy Pilley.
"The club would like to reiterate convictions are against individuals and not Waterford FC, or any of the businesses associated with them, and will continue to operate as normal.
"The club will make no further comment at this time."
Pilley is also the owner of Fleetwood Town.
Positive news for Waterford FC
The news of Pilley's sentencing comes following the club announcing that it has signed two new players.
The first newcomer is Sam Perry, who joins from Walsall, where he made 42 appearances.
He featured in 36 League Two matches along with others in the FA Cup.
The central midfielder does need international clearance though.
The second signing is Christie Pattisson.
The 26-year-old winger, who can also play as a striker, also joins pending international clearance.
Christie spent the 2022/23 season with Maidstone United and Welling United, playing 41 matches throughout.
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