Takeover update as Hartlepool United thanks council for loan to pay March wage bill

Hartlepool United has thanked Hartlepool Borough Council for the loan which has allowed the club to pay the wage bill for March.

Friday, 23rd March 2018, 5:13 pm
Updated Friday, 23rd March 2018, 5:20 pm
Victoria Park, home of Hartlepool United.
Victoria Park, home of Hartlepool United.

The local authority loaned Pools more than £77,000 so the club can pay this month's wage bill.

The council agreed to provide temporary support to Pools after providing the club with an earlier loan in December.It comes as negotiations for a takeover of the club continue between Pools and a consortium led by businessman Raj Singh.

Pools say there is "steady progress" being made and the legal process is anticipated to be completed early next week ahead of National League ratification.

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A Pools statement read: "Hartlepool United can confirm that it was able to complete and finalise a loan agreement with Hartlepool Borough Council today to be able to pay March wages.

"The club would like to place on record its sincere thanks to Hartlepool Borough Council for their ongoing support.

"There is a significant amount of work that has been undertaken to achieve the loan agreement and the club appreciates the time and energy put in by a number of senior officers of the council.

"The council have been a great support to the club and, without their backing and the fundraising efforts of the fans, we would not have been able to remain trading to enable a takeover to happen.

"There is steady progress being made on the finer legal details for the takeover and it is anticipated the legal process will be complete early next week, with football approval to follow."