SWINDON Town chairman Lee Power looks set to take over League of Ireland side Waterford United according to reports.

The Adver understands that a deal to own the cash-strapped club is expected to be completed next week, once the deal has been approved by the Football Association Ireland.

Reports in Ireland have said that an English-based businessman – with previous links to Irish football – is set to invest in the First Division side - with Power believed to be that individual.

Waterford have been in financial difficulties of late, the club releasing a statement in April where they stated they needed €80,000 by the end of the season to survive.

They were also subject to a Chinese consortium taking over the club back in September but Power, who represented Ireland at Under 21 level as a player, now appears to be on the cusp of owning a controlling stake.

UEFA rules prohibit two football clubs in which a person or a company has an interest from being admitted into the same UEFA club competition, but that should not prevent a takeover by Power.

Waterford finished fifth in last season’s League of Ireland First Division, which came to an earlier this month, United finishing their season with back-to-back wins over Athlone Town and Shelbourne.

The Irish outfit are currently without a manager after the departure of Roddy Collins last month, with Owen Heary of Shelbourne, the side that Swindon played in a pre-season friendly during their tour of Ireland, rumoured to be the favourite to take the vacant role, with former Shamrock Rovers boss Pat Fenlon poised to become a director of football at the club.

Nobody was available at Swindon Town to comment on the reports linking Power with Waterford when approached by the Swindon Advertiser.