Pat Fenlon linked with move to Waterford
Beleagured Waterford United are on the verge of being rescued after an English-based businessman with links to Irish football agreed a takeover of the First Division club.
The south-east club's struggle to attract sponsorship and crowds forced them into launching a public appeal in April for the €80,000 required to see out the season.
Bids to entice local investors failed but new backers, led by a multi-millionaire whose parents were born in Ireland, have stepped in to secure their future with a significant six-figure commitment.
It's understood John O'Sullivan, the Waterford businessman who earlier this year ended his 10-year chairmanship, has been integral to facilitating the overhaul.
Rumours of Waterford-born Irish internationals John O'Shea and Daryl Murphy supplying funding to their local club are untrue.
Former Shamrock Rovers boss Pat Fenlon has already been approached about joining the new venture as director of football and the managerial vacancy is to be filled following the departure of Roddy Collins earlier this month.