INCREASED Oil Recovery, the Hartlepool United owners, have sold their controlling interest - as first revealed on The Northern Echo website this morning. 

After 17 years in charge of the club, chairman Ken Hodcroft has stepped down.

The chairman - and IOR chief - has been underfire of late, with Pools at the foot of the Football League.

Without a manager, Ronnie Moore is expected to be announced as the club's next manager later this week. 

Boxing promoter Dennis Hobson has been linked with a takeover today and a club statement read: 

"IOR announce with regret that, after being involved with Hartlepool United Football Club since September 1997 (17 years), the decision has been made to sell its shareholding in the Club to TMH 2014 Limited.

IOR wishes the new owners every success and would like to thank all of the staff at the Club for giving the owners 100% support over the years, which has been appreciated more than words can say. We wish them and the team every success for the future."

Peter Harris has been appointed chairman, with Hodcroft leaving the club. Russ Green will remain as chief executive.

Harris said: “We see this as an opportunity to build and enhance the reputation of the Club. Our first aim is to bring a new manager in and then set about backing him to secure League status. 
“I want to make it clear though that we will seek to fully embrace and acknowledge the efforts of the supporters and we want them to engage with us with the aim of always doing what is best for Hartlepool United, I will provide a more detailed statement in this week’s programme.”