HUST Statement 1st March 2018

We have now received a 36 page report from Nick Igoe following his comprehensive review of the clubs books. We have also received a verbal run through of that report from Nick and James Mathie of Supporters Direct.

There are 4 potential outcomes for the club :

· An individual buyer is found

· A Consortium buys the Club

· The Club enters Administration and a buyer is found

· The Club enters Administration, a buyer is not found, and the club is liquidated and a Phoenix Club needs to be formed

The current situation at the club is critical and, as Pam Duxbury was quoted as saying in today’s Hartlepool Mail, Administration is a very real possibility. Having reviewed all of the options and financial consequences, we believe our best course of action as a Trust is to try and join forces with like-minded individuals as a Consortium.

To that end we will be urgently speaking to other potential investors . We will also be speaking again to Geoff Cunningham who is handling the sale for Sage Investments, the club’s owner.

While these discussions are taking place we hope that the owner will provide financial support to the club to avoid the risk of Administration, an outcome which would be hugely detrimental to the club, supporters, and all stakeholders.

If we can enter into constructive negotiations with the owner, and are making progress with suitable investors that make a fundraise target from HUST realistic, we would be asking the club to relax the terms of the current Non-Disclosure Agreement to allow us to share appropriate information with Trust Members in support of a community share issue.

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