Swindon Town chairman Lee Power has taken control of First Division Waterford United in a deal that looks set to see the club receive a significant financial boost.

The London-born former Ireland under-21 international has been in full control of Swindon since 2013 and has invested over £1.5 million. Last week the club appointed Tim Sherwood as director of football and are currently linked with a sponsorship deal involving Red Bull – as seen in Germany with Red Bull Leipzig.

Waterford finished fifth in the First Division last year and parted company with manager Roddy Collins towards the end of the season.

In recent years they have suffered significant financial issues and released a statement back in April that they needed €80,000 by the end of the season to stay afloat. However, fortunes look set to improve under the directorship of Power whose grandfather hails from the city.

It is understood that Swindon Town players may be loaned to the Blues in a partnership between the two clubs.

A Waterford United statement read: “Waterford United FC wishes to announce that Lee Power has assumed control of the football club. Former professional footballer Power is the current owner and Chairman of Swindon Town FC, and he has represented Ireland at youth, U21 and B level. He takes over from former Chairman John O’Sullivan.”

The deal was rubber-stamped by FAI CEO John Delaney after the pair met in Abbotstown.

Delaney himself has strong links to the club having previously held the role as secretary and his father is a former chairman.

“I’m delighted that a great football man in Lee Power is coming in to bring the club back to a highly competitive level, and replicate past glories,” Delaney said.

Power himself also commented on the deal, saying: “I am delighted to be involved with a club of such great potential and one which has a wonderful footballing history. I hope the supporters and the business community will get behind what is a new beginning for Waterford United. I see this as a very exciting, long-term project. The facilities at the RSC, as well as those at the WIT Sports Arena are top class. I wish to thank FAI Chief Executive John Delaney for all his assistance over recent months, and I look forward to the coming season with great anticipation. I would also like to pay tribute to outgoing Chairman, John O’Sullivan and I would like to thank him for his assistance with the change of ownership.”