Hartlepool United will be sold for £1 to consortium led by Raj Singh

The Hartlepool United Supporters Trust have revealed the club will be sold for £1 with staggered payments to owner John Blackledge over the next 12 seasons.
Negotiations between a consortium led by businessman Raj Singh and Blackledge are continuing with a deal expected to be completed soon.
The takeover has been agreed in principle but has yet to be formally approved by league bosses.
This good news comes after Hartlepool Borough Council agreed to loan the club £77,000 so that they can pay this month’s wage bill.
A statement from the Supporters Trust revealed some details of the deal: “We had a long chat with John Blackledge earlier this afternoon and he confirmed more details from the proposed Heads of Terms for the transfer of ownership.
“For confidentiality reasons we cannot disclose most of the content as the paperwork has not been signed at the time of writing. John did however allow some things to be disclosed which have already been reported.
“He confirmed the club will be exchanged for £1, though there will be small staggered payments to Mr Blackledge over the next 12 seasons. These would increase should the club progress upward through the leagues.
“Mr Singh has also agreed to make a financial contribution to the legal costs of Geoff Cunningham. While the deal is still with solicitors both parties are hopeful of legal completion tomorrow.
“We would like to go on record and thank Mr Blackledge for his honesty in the last couple of months, and for keeping us abreast of developments.
“Irrespective of what some fans may think, the reality is that he has ploughed a lot of money (somewhere close to £2 million) into the football club. The vast majority of that money he is not going to see again, unless we have a run through to the Premier League in the next decade, a scenario we feel is unlikely.
“Had he not stepped in when he did there is little doubt the football club would have gone under last season.
“We have also had meetings and telephone conversations this week with the Council and the town MP and again would like to thank them for their time and support.
“We are also on behalf of all fans I am sure, grateful for the loan the Council has given the club to help pay staff salaries this month which will allow time for a takeover deal to be completed.
“With funds in the bank, over 1,100 members, and the backing and support of Supporters Direct we feel we have a lot more to offer the club.
“We also hope that we have proven over the last few months we are capable of sitting down and talking with a wide range of parties and having detailed discussions without breaking confidences.
“We remain committed to helping Hartlepool United become a self- sustained, and successful Football League club.”