Due Diligence Update - Posted: Sunday 10 September 2017
Official Statement by Board of HUST :
Update to members regarding the due diligence process to be undertaken with Hartlepool United Football Club (HUFC) and Nick Igoe Consultant to Supporters Direct working on behalf of Hartlepool United Supporters Trust. (HUST)
Jo Grylls, the HUST secretary met with Pam Duxbury and John Blackledge of HUFC, James Mathie of Supporters Direct and Nick Igoe on Monday 4th Septmeber 2017 to discuss the due diligence situation....
It was explained by HUFC that the closure of accounts which had previously been the determining factor in when the due diligence process could begin, had not to date been completed ,and therefore the work on behalf of the HUST by Nick Igoe could not be undertaken.
This was a matter of concern as previously HUFC had indicated that the closure of accounts would be completed by the end of August. An alternative method of undertaking due diligence by working in tandem with the club’s auditors was suggested but without resolution.
Following some discussion on the matter ,and the problems and issues needing to be dealt with by HUFC in finalising its accounts , HUST suggested that a 6 week period to commence the due diligence process seemed reasonable . Whilst the Club anticipated that this was a possibility ,they could give no definitive assurance.
HUST indicated that members were pressing the HUST Board for answers as to why the process was taking so long and a way forward needed to be found.
A request to meet with the Clubs representatives again next week will be made soon and if such a meeting takes place members will be updated following that meeting.