Following an EGM in 2005 the PLC was 'parked' and the assets transferred to a new private company.
This is from the official site archives:
Following the AGM, an EGM was held to ratify a proposal that the PLC be effectively parked and the assets transfered to a new private company. Following a discussion this was passed unanimously and it is likely that the new company will be in place for 2006.
Commenting on the proposal, Director Martin Colbert stated that it was the only way forward for the club.
" A lot of work has gone into this proposal and I would like to thank all those involved for their efforts. The financial and reporting requirements for a PLC makes it very difficult for a football club and I believe that this move is in the best interests of Waterford United and the shareholders at the meeting agreed with the board."
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