Hartlepool United takeover latest: Owner Raj Singh REJECTS 'final offer' from mystery consortium

The consortium, whose efforts to buy Pools has been brokered by the Hartlepool United Supporters’ Trust (HUST), gave Mr Singh until noon on Friday to respond to “a restructured and improved final offer” following talks earlier in January.

The club have now stated on Thursday that a “viable agreement could not be reached” and that discussions “have been concluded”.

In a lengthy statement posted on Hartlepool’s website, Mr Singh, who put Pools up for sale last April with relegation back to the National League looming, said: “The stark reality is that it costs a lot of money to operate a Club in the National League, especially if promotion is the aim and not just sustainability.

“I have been upfront with the Trust since day one, and consequently the consortium, as to what kind of takeover structure I was able to support with, so as to not waste anybody’s time.

“I must be absolutely clear that I have never changed that basis nor is it an excessively onerous one in terms of other benchmark deals that have happened at this level of football.

“Whilst I can’t go into specifics I feel I must highlight that the principles of my suggestion, based on the trust’s involvement, required no up-front fee and any repayments of monies that I’ve invested in HUFC would be over the long term and only triggered if the club either returned to profitability or achieved windfall incomes or league status milestones.

“Initial proof of funds were supplied. However, I haven’t yet received information as to how the consortium would formally work or how it would run and fund the club going forward, which I did request in December.

“Some concerns have been raised by supporters regarding the final make-up of the consortium with withdrawals of key individuals and potential funds, a minority shareholding for the trust and breaches in professional confidentiality across social media during the process.

“Personally though I want to thank the trust and consortium for their efforts and I will keep dialogue open.

"Having listened to feedback and regardless of anything else that happens next, I will be approaching the trust and other supporter groups as to how they can represent more formally within the club, which could include a form of shareholding or stake.

“Since April I have taken a step back from the club. That will remain until the longer-term future is clear.

"Additionally, and as I’ve said since day one, I’m open to serious offers and will actively welcome further approaches if they can safeguard this club’s future and also realistically help fund and accelerate taking the team back to where we all want it to be.

“Immediately now in the short term, and given the position the team finds itself in, I need to reiterate and provide assurances with significant financial backing for the manager and club staff. We must get the team clear from any potential relegation fight as an absolute priority and ideally start looking upwards.

“The recent ongoing process has paralysed the squad rebuild that Joe Monks and the football staff have been trying to implement following relegation.

"We must change the backdrop for now and I have given my assurances to Kevin Phillips as our new head coach on that matter.”

HUST revealed just before Christmas that the consortium – said to be made up of “a group of partners who are all supporters of Pools” – had provided initial proof of funds to allow detailed negotiations to begin.

Pools then confirmed that “open and frank” discussions had taken place last Friday and that the club had asked the trust and consortium to come back to them this week after discussing “the best way forward”.

While HUST has urged fans to get behind Phillips and the players, the overall mood on the Vic’s terraces is likely to be despondent when Pools face York City at home in the new boss’s first match in charge.

Got a story for the Mail? Submit your words, pictures and videos here