Hartlepool-born businessman Chris Musgrave was ready to step  in and save his home-town club, but, after seeing the state of the club’s finances, has pulled out.

Pools are in a financial mess and are up for sale. Musgrave was the only hope of saving the club and it now seems administration and even liquidation are possible.

Pools go to Chester tonight in the National League on the back of one win in 13 games.

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A statement from Musgrave read: “Some weeks ago, I was approached by Christopher Akers-Belcher, the Leader of Hartlepool Council, to consider the prospect of buying Hartlepool United Football Club, so that it could be saved from financial ruin.

"It was clear to me that the Leader of the Council and his officials, intended to do everything possible to secure the long term future of the club, due to its social and economic importance to the town.

“On that basis, I agreed to entertain the possibility of purchasing the enterprise, providing the financial challenges were such, that I could accurately estimate the financial sum I would be required to inject into the club.

“I know very little about the game of football and I am not a football enthusiast, but I do understand the importance of the club to the town, as it has been an integral part of the community for over 100 years.

“It would be a sad day for Hartlepool, if such a vital asset was lost. No one wants to see that happen and I have been impressed with the spirit of the supporters and wider public in their efforts to save the club.

“I have had the good fortune to have been successful in business, for over 35 years and I do have substantial experience in making loss making businesses - profitable.

“Over the past two weeks, I have held meetings with officials of the Football Club, the Council and other parties, which has allowed me to interrogate the historical decision making of Executives of the club, with regard to the financial position in particular.

“I have concluded, that the financial challenges facing the club are serious indeed, but I have not been able to identify the exact amount of cash I would be required to make available to save the club. It has therefore been impossible for me to prepare a financial rescue package or a plan to deal with the long term, which is disappointing.

“No one has ever made money out of this club. That was never my intention and I was prepared to provide finance to the value of over £1.5m, but I am not prepared to sign blank cheques, with no end in sight.

“As it stands, I do not intend to provide any funds to the Football Club, for reasons within this statement, but I do hope the club will saved.’’