Waterford FC owner and chairman Lee Power has confirmed he will continue to fund the Premier Division club.
And he also revealed that Blues boss Alan Reynolds has signed a new contract for the 2020 season.
Both men were considering their future with the club since the end of the season.
Power was furious when Waterford were booted out of the Europa League earlier this summer with St Pat’s replacing them.
At the time, he threatened to pull the plug on his financial support.
But in a statement today, Power announced that he and Reynolds were committed to the cause facing into the new campaign.
Power said: “After certain events which took place earlier on in the season, I made the decision (at a considerable cost) to take UEFA to the Court of Arbitration.
“Unfortunately the decision was upheld on a technicality which was very disappointing.
“With the stance the FAI had taken I had to reconsider my future investment in Irish Football.
“However, after lengthy meetings with everyone at the club I have decided to finance the club for the next season.
“As one person cannot do this alone for the long-term future, I personally ask everyone from the supporters, supporters club and businesses to back the club.
“I understand the team did not win as many games as previous seasons and it was disappointing to see the huge drop in attendance.
“But we’re now looking forward to the new season.”
Power, a former Irish Under-21 international, continued: “I’m pleased to announce Alan Reynolds has signed a new deal with the club.
“Alan has been busy getting ready for the new season and we’ll be announcing new signings over the next few days.”
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