Wednesday 28 June 2017 13:54, UK
Hartlepool have been sold to a holding company in the first step towards a shared fan-ownership model, the new chairwoman says.
Pam Duxbury took control of the club following outgoing chairman Gary Coxall's decision to resign ahead of Hartlepool's relegation from the EFL last month.
Coxall no longer has any involvement in Hartlepool, Duxbury has confirmed, after HUFC Holdings Ltd bought the club from JPNG Ltd.
HUFC Holdings is owned solely by Duxbury and Sage Investments Ltd, which funded the acquisition of Coxall's shareholding - with no payment being made from Hartlepool United itself.
"To clarify that, for the avoidance of any doubt, there are no longer any links whatsoever between Hartlepool United Football Club and JPNG Ltd or Gary Coxall," Duxbury said in a statement.
"I am currently the sole director of HUFC Holdings Ltd and Hartlepool United FC Ltd. Therefore 99.6 per cent of Hartlepool United FC Ltd is owned by HUFC Holdings Ltd and the remainder by numerous fans with legacy shareholdings.
"The future plans for the ownership of the Football Club are as I have previously outlined; part ownership through the Supporters' Trust and a consortium of individuals willing to invest in the football club."
Having averted the need to enter administration "several times" in the last six months, Duxbury now plans to complete a year-end audit before appealing for investors - with input from the Supporters' Trust - to help restructure the club's debt before Christmas this year.
Already making a loss, Hartlepool now have an additional £350,000 of lost revenue to make up on following their relegation, according to Duxbury, who appealed for fans to remain loyal.
"It is vital to put down the solid foundations to enable us to be promoted to the EFL at the earliest opportunity," she added. "I need your support so that I can continue to set these foundations and rebuild the club. I need you to come to our games. I need you to buy your season tickets."
