Hartlepool United is to be sold by owner John Blackledge for £1 this week to a consortium led by businessman Raj Singh. Further staggered payments will be made over the next 12 seasons Mr Blackledge put nearly £2m into the club and will not see most of that money again.
Singh is a controversial figure with Darlington fans from his time as chairman. He placed the Quakers into administration during the 2011-12 season before they were liquidated.
The takeover news comes after Hartlepool Borough Council agreed to loan the club £77,000 this week so they can pay this month's wage bill.
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