Raj Singh to welcome local investment as Hartlepool United chairman provides further sale update

Hartlepool chairman Singh has delivered another message to supporters on the current situation regarding the sale of the club where he has revealed that there remains no proof of sufficient funds from any interested party to progress to the next stage of a sale.

Singh publicly placed the club up for sale in April with Hartlepool’s relegation from League Two all but confirmed.

Throughout the summer the Hartlepool chairman has delivered a series of updates to supporters on that sale process but, as yet, has been unable to receive enough creditable interest in the club.

Speaking in pre-season, Singh revealed he was in talks with one prospective buyer, following a number of enquiries, but was unable to receive a confirmation of funds after a number of weeks.

Singh would go on to say he would welcome the interest of any consortium-led parties who were able to invest in the club, again providing they were able to show proof of funds that they could to take the club forward.

On the field, after a bright start to their National League campaign, Hartlepool’s form has nosedived, and with the club now languishing in mid-table Singh has offered a further update on the sale of the club where he has highlighted the club’s stadium as one potential stumbling block to a sale as well as insisting he will now welcome interest from a number of local investors who can collaborate to take a shareholding in the club whilst also refuting claims he has priced any prospective buyers out of a sale.

“After the events of last season and given the sentiments shared by some supporters, I felt that I must put the club up for sale,” the statement read.

"I’ve dedicated a huge amount of time, energy and money in the quest to try and help Hartlepool United and in many ways the club is in a much more secure and well-run position, despite what some people like to portray.

“It does however seem that no matter what I do, part of the fan base will not be happy and abuse towards my family and I from a minority has unfortunately continued.

“Upon making the sale public in April I asked any interested parties to provide basic details including how they would take Hartlepool United forward, as well as an initial proof of funds. The initial proof of funds was set at a level based purely on anticipated operating losses for this season and next.

"I wanted to be sure that if somebody came in they were reputable, with enough working capital, so that the club didn’t find itself in a difficult position like it has done historically when owners have had fire sales.

“A number of enquiries did come in, several were speculative and time-wasting. The factual position is that, despite trying to find a buyer, nobody at this point has come forward with both intent and initial proof of funds to take over Hartlepool United.

“Within that, I’m aware that some people on social media are intent on making out that I’ve set a high price to put buyers off. I must be clear and reassure fans that nobody has even got past the first hurdle of providing initial proof of funds to be able to operate the club for this season which, first and foremost, is the most important thing.

“One aspect that has been an evident issue during this process is the club’s lack of ground ownership. That point was obviously something that I had been looking to address with the local authority longer term. It is unlikely that an international standard investor will step into a club that doesn’t own its own ground with the potential to develop it for additional revenue streams.”

Singh continued: “In light of there being no immediate outright buyer, I have more recently asked to explore whether a small number of local investors might collaboratively come together to take shareholding in the club.

"Again, to be clear, this would be to positively invest into the running of the club and to support with operating costs, not to pay me a sum. I would invite any interested parties in that manner to come forward.”

Singh concluded his statement by suggesting he will continue to seek a suitable sale of the club and will remain fully supportive of manager John Askey throughout the process, with the chairman offering his public backing to Askey amid a poor run of form.

“Looking ahead, the club will still formally remain up for sale and I will continue to proactively engage in the process,” he said.

"From my very first interview at Hartlepool United, I have always said that I stepped in to help the club when it was in crisis but that I will not stand in the way of another owner or investors who have the right intentions and backing. That has not changed.

“In the interim I will continue to support the running of the club in a professional manner and I have reiterated to John Askey, the staff and the team that they have my full backing.

"We have been exceptionally unlucky with injuries to key players at the start of this season but we must stay behind John and the lads to grind out enough results with the focus on making the play-offs.

"With some new players hopefully still to come in, and others to come back from injury, I still have optimism for the season.

“Finally, and once again, I ask fans to remember that we are all human and that potential owners, investors and even players will look at us during this process.”