CHAIRMAN Lee Power has insisted that his ownership of Waterford United will have no bearing on Swindon Town.

It was reported in the Adver last month that Power was part of a consortium looking to invest in the League of Ireland club, with the move confirmed this afternoon by Waterford.

During last week’s unveiling of Tim Sherwood as the club’s new director of football, Power confirmed that he had been in talks for more than a year, with the takeover rubber-stamped by CEO of the FAI John Delaney, following a meeting between the pair at FAI headquarters.

The rumoured takeover of the financially-stricken First Division outfit, who released a statement back in April that they needed €80,000 by the end of the season to stay afloat, led to vehement debate on what the move meant for Swindon.

However, Power has attempted to put any concerns to bed, stating that he was in Wiltshire for the long haul and believes Sherwood’s appointment echoes that.

“I’ve got an interest over there (Ireland),” he said.

“I am in the middle of doing something at Waterford. It won’t affect this football club or anything to do with (the appointment of Tim Sherwood).

“It just so happens that it has coincided. It is something I have looked at for probably the last 18 months and it is only just getting a little bit further down the road.”

A statement was released by Waterford today in which Power, whose grandfather hails from the city, paid tribute to outgoing chairman John O’Sullivan and said he was excited by the long-term project ahead.

"I am delighted to be involved with a club of such great potential and one which has a wonderful footballing history,” he said.

“I hope the supporters and the business community will get behind what is a new beginning for Waterford United.”