Waterford United to hold SOS meeting as they look to raise €80,000 to see out the season

WATERFORD UNITED will hold an SOS meeting tonight as they look to raise €80,000 to see out the season.

They will look to become a fan-owned club from next term.

The First Division side have hit rough waters as chairman and benefactor John O’Sullivan has stepped away because of ill health.

Roddy Collins’ outfit face a €80,000 shortfall and the club have appealed to fans, business people and sponsors.

Club general manager Paul Cleary told SunSport: “It is a serious situation. In order to get to the end of the season, we need to come up with about €80,000.

“That is a rough estimate on what our gate receipts for the rest of the year and any other sponsorships would be.

“Our sponsorships haven’t been what we planned this year and the home gates are also down.

“We’ve been very good away from home but we haven’t won at home and that has hit the gate.

“With our chairman, who was our main financial support, resigning due to his health, it has left us in a bit of a financial squeeze.

“Not having a main sponsor has hit us.

“We had ‘3’, who are with the FAI, and ‘Sportsworld’, who are also with the FAI.

“We hope to get one soon but we can’t give away our main jersey sponsor for €1,000.”

Waterford have no historical debts nor problems with the Revenue Commissioners.

And Cleary stressed that it is the day-to-day expenses of running a football club that need to be covered.

He said: “The insurance for the season is €18,000.

“There are also the travel expenses for the three teams — the Under-17s are top of their division and the Under-19s are strong too.

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“We have a lot to be proud of, we have one of the best grounds in the country, good training facilities and Waterford have always been strong in the game.”

The club is holding a meeting at 7pm tonight at the Woodlands Hotel in the city.

A number of rival clubs are set to attend to offer advice.

And Cleary revealed that there is will also be a discussion about the possibility of making the club a fan-owned co-op from next season.

He said: “One thing we want to look at is the idea of a co-op or trust, similar to Cork City, Shamrock Rovers, Galway United, Finn Harps and so many others.

“It can give us more buy-in from the community.

“It opens up the club to expats. My brother is from Texas and he could own part of the club.

“We are looking at ensuring we are more stable in the future.”