Hartlepool United has severed all ties with former controversial chairman Gary Coxall and owners JPNG.
In a lengthy statement released this morning, Pools’ new chairman Pam Duxbury says she has finalised a takeover of the club from JPNG Ltd by new company HUFC Holdings Ltd.
She said Coxall, who received much of the blame from fans for Pools’ exit from the football league, received no payment from the club.
It comes as Ms Duxbury revealed she has avoid the club going into administration several times in the last few months.
She said: “I would like to assure fans of Hartlepool United Football Club that no payment from the Football Club was made to Gary Coxall.
“A nominal amount was paid for his shareholding by HUFC Holdings Ltd, funded by Sage Investments Ltd.
“To clarify that, for the avoidance of any doubt, there are no longer any links whatsoever between Hartlepool United Football Club to JPNG Ltd and Gary Coxall.”
HUFC Holdings Ltd is owned by Pam Duxbury and existing investor Sage Investments Ltd.
It owns 99.6% of Hartlepool United FC Ltd and the remainder of the club is owned by numerous fans with legacy shares.
Ms Duxbury said she and Sage Investments Ltd are no longer shareholders of JPNG Ltd she is no longer a director.
Ms Duxbury set out her plans to move towards increased fan ownership through Hartlepool United Supporters’ Trust and a consortium of individuals willing to invest in the club.
A detailed audit of the club and is hoped be completed by the end of the summer which will allow her to set out a three year vision to Supporters Direct to help attract potential investors.
Ms Duxbury said: “Any potential investor coming forward will undergo rigorous due diligence and only partners that I feel are reputable, can work positively together and be of benefit to the club and the community will be invited to participate. As part of this process, I expect the debt of the club to be restructured.
“If everything goes according to plan, I would anticipate being able to complete this phase by Christmas 2017.”
She added: “Over these past months I have averted the need for the club to go into administration several times.
“I could not have done that without the support and backing of Sage Investments Ltd, with whom I have a long standing relationship.
“I want to shape the club into the football club that the community deserves; with success on the pitch, financial sustainability and accountability.”