Hartlepool United under threat as potential investor ends interest in National League club

Hartlepool-born Chris Musgrave had been in discussion with the club and council

Hartlepool United's future is under threat amid financial pressures, after a potential investor ended his interest in the National League club.

Businessman Chris Musgrave had been in discussions with Christopher Akers-Belcher, the leader of Hartlepool council, but has ended his interest.

Fans have pledged money to help meet payments for this month, which are due to be paid on 25 January.

Musgrave's withdrawal leaves Pools in danger of going into administration.

Such a move would mean a points deduction for the on-the-field side of the business, which could potentially put their place in the top-tier of the National League in jeopardy.

'No-one has ever made money out of the club'

"I know very little about the game of football and I am not a football enthusiast, but I do understand the importance of the club to the town, as it has been an integral part of the community for over 100 years," locally-born Musgrave said in a statement.

"It would be a sad day for Hartlepool, if such a vital asset was lost. No-one wants to see that happen and I have been impressed with the spirit of the supporters and wider public in their efforts to save the club.

"Over the past two weeks, I have held meetings with officials of the Football Club, the Council and other parties, which has allowed me to interrogate the historical decision-making of executives of the club, with regard to the financial position in particular.

"I have concluded, that the financial challenges facing the club are serious indeed, but I have not been able to identify the exact amount of cash I would be required to make available to save the club. It has therefore been impossible for me to prepare a financial rescue package or a plan to deal with the long-term, which is disappointing.

"No one has ever made money out of this club. That was never my intention and I was prepared to provide finance to the value of over £1.5m, but I am not prepared to sign blank cheques, with no end in sight.

"As it stands, I do not intend to provide any funds to the Football Club, for reasons within this statement, but I do hope the club will saved."

Pools chairwoman Pam Duxbury told BBC Tees last week there were "more than six offers" to purchase the club, with Musgrave having already stated his interest.

Meanwhile, fans turned out for #SavePoolsDay against Wrexham on Saturday, with 6,833 spectators going through the turnstiles.

Craig Harrison's side lost 2-0 and are in 18th place ahead of Tuesday evening's game against Chester.

Hartlepool lost their Football League status last May despite beating Doncaster in their final game of the season

Analysis

BBC Tees reporter Robert Law

You wouldn't go in to a garage and buy a car without knowing about the car and what it was worth, and that is what the situation here is.

It's astonishing. The club that needs a buyer should details of a financial package, details of what they need for the club to be saved and what they need. Judging what Chris Musgrave had said, he hasn't been given those numbers.

This was a lifeline. The lifeline for the fans club and staff who work hard day in day out for matches to take place, it's a massive blow. It was the only lifeline. What happens now, only leaves more questions, whereas before there was a sense there was a light at the end of the tunnel.

They have enough funds to pay staff this month, and this buys them four weeks. All that fantastic work that happened to raise money for the club now starts again.