The Airtricity First Division club had been in negotiations with former manager Stephen Henderson over payments owed and have reached an agreement that benefits both parties
Henderson was sacked as manager of the club in 2011 and took the Airtricity First Division club to court for breach of contract and defamation after claims that the 47-year-old had resigned. Waterford and Dungarvan district courts ordered that the club pay Henderson a fee of €37,600 plus legal costs which brought the figure to €80,000.
However, in a much publicised dispute, Henderson did not receive payment from the club and opted to bring a winding up petition against Waterford United to the High Court in Dublin, which was to be heard on Monday, July 29. An agreement was eventually reached on the day of the hearing with a payment deal to include a €10,000 contribution from Waterford United fans, as well as €50,000 from the club which was guaranteed by the Football Association of Ireland (FAI).
In a statement, Waterford United said that the club was "very happy" with the resolution of the dispute and thanked the clubs fans, who helped facilitate an agreement between the two parties.
"Waterford United are very happy that the on-going high court dispute has been today resolved to the satisfaction of all parties, and the club can now move on and look to the future.
"The Club would particularly like to thank the Blues fans - so many of whom have put their hands in their pockets over the last couple of days and dug deep once again to help their club, John O'Riordan of Dillon Eustace Solicitors, and the FAI, for all of their help in bringing this matter to a satisfactory conclusion."
Waterford United will face Salthill Devon in the Airtricity First Division on Friday August 2 before hosting a friendly against Crystal Palace on Saturday August 3.