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The deal that saved Hartlepool

Hartlepool United have released their accounts for their first year outside the Football League. The club came very close to collapse and details of the deal that saved it have been revealed: Deal between John Blackledge and Raj Singh

The club has used the exemption available to smaller companies so the accounts are not as full as for some larger clubs. The accounts may be views online at Companies House.

During the period covered by the accounts Clarence 18 Limited, the company's immediate parent undertaking, provided loans and paid expenses of just under £850k on behalf of the company. The full amount remained outstanding at the period end.

The former shareholders of the business, Sage Investments Ltd, consolidated the amounts to the company by placing £1.73m into a formal loan agreement The repayment of the loan in terms of timing and amount is dependent upon the success of the football team.

The going concern basis of the company depends on continued support from Clarence 18 Limited. Net liabilities increased from just under £1m to £1.167m.

Chief executive Mark Maguire thinks that mistakes have been made, but it is possible to learn from them. Parachute payments have now run out: Financial challenges laid bare

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