Waterford United FC (WUFC) yesterday announced an ambitious investment plan to secure its future among the top football clubs in the country.
The company's management has re-registered it as a public limited company with up to 940,000 shares in WUFC now available for purchase. This will allow significant investment in players and facilities as well as helping strengthen commercial management of the club's affairs.
"We intend to position Waterford United at the top of Premier football in Ireland," said chairman Michael Finnegan. "This strategy will allow us to secure the best players and, under a professional structure, generate the financial resources to develop all aspects of the club."
Over the next three years, the share capital secured will allow a £200,000 investment in new players and up to £270,000 in club facilities at the Regional Sports Centre in Waterford. The shares are £1 each, with a minimum purchase of 100.
"The £1 share price has been deliberately set to allow our supporters to get involved," added Mr Finnegan. "They can now directly participate in the ownership of the club, knowing the funds raised will be invested fully in developing the club." The three founding directors of the plc - Finnegan, David Flynn and John Delaney - have already bought 60,000 shares.
The plan has already included the appointment of Bob Breen as new full-time general manager. Breen will work closely with the club's player manager, Tommy Lynch. A number of new signings are expected in the next few weeks.
Meanwhile, Shamrock Rovers were unable to secure live television coverage for the second leg of the Inter-Toto Cup with Turkish side Altay Spor at Tolka Park next Sunday.
There was considerable interest by Turkish television to provide the financial resources necessary for the venture but there are no broadcast signals available due to the World Cup and Budweiser Derby.
Rovers' manager Mick Byrne is still hopeful that they can make the next round despite going down 3-1 to Altay in Izmirv last Sunday. "We gave a good account of ourselves over there, going into the relatively unknown," he said. "That away goal was important and we certainly created enough chances. We need at least two on Sunday but we'll be pressing to do that and move into the next round."
