The owner of Waterford FC, Lee Power, has instructed his lawyers to lodge an appeal with UEFA following the decision not to grant the club a licence to play in the Europa League qualifying rounds next season.
The statement says that the club feels that they have been totally misled by the FAI and were given assurances throughout a five-month process by them that the licence would be granted.
They said that they also had club visits by UEFA Delegates during that period and say 'no issues' were raised.
The statement goes on to say that as a club, they entered into substantial commercial agreements and invested heavily into the team as well as budgeting for the qualification money due in November.
They say the decision will have a serious financial impact on the club going forward, calling it 'unclear' and 'dubious', bearing in mind the assurances given.
The club says it will be asking for a full investigation into the FAI handling of this matter.
An immediate appeal will be made to UEFA and chairman Lee Power says he will pursue any legal avenue with regards to compensation and/or any wrongdoing.
He went on to thank Waterford FC fans - who, he says, have supported the club through thick and thin and have been badly let down by the people in Ireland governing the process.
