News emerging over recent weeks have revealed that Hartlepool United have some major financial issues to overcome in the next few weeks. Ian King of TwoHundredPercent.net has a good summary of Hartlepool United’s situation. As a fan I’ve a few more things to add.
First of all, a bit of recent history. Going back years Pools were owned by IOR, an Aberdeen-based oil company who subsidised the club’s finances. The spending was never anywhere near as much as al Fayed at Fulham or Whelan at Wigan, who were in the lower leagues around the same time, but enough to help compete with Cardiff, Sheffield Wednesday, Bristol City etc.
IOR’s motives seemed to use Pools as corporate entertainment (showcasing their business skill in the process) and as a tax write-off (Pools made losses of around £1m a season under their leadership despite going up and down divisions, which seems too steady to be coincedental.) The impression grew over time that IOR had gotten bored of Pools, and were happy for us to tread water. There was disaffection with them long before they sold the club.
A deal was initially struck for the club to be sold to Stephen Murrall and Peter Harris (known as The Monkey Hangers 2014 – a business set up for the purpose of buying the club). Gate money was transferred into their accounts during the transitional period before the formal takeover, which led to the deal collapsing. In financial terms this is classed as ‘self-dealing’, and was one of the reasons that they were later jailed.
Continue reading “Legacy Issues – How Hartlepool United Made it to the Brink”
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