HARTLEPOOL United Football Club has been bankrolled to the tune of over £12m by the club’s owners since 1997 – but their chairman has issued a stark warning that it may not last much longer.

Increased Oil Recovery Ltd bought the club from Harold Hornsey 13 years ago and, at yesterday’s AGM, it was revealed the club received £1.5m in funding from the Aberdeen- based firm in 2009.

While crowds have dropped to below 3,000 – around 2,000 down on recent successful seasons – financial backing has remained intact.

The club has been trying to buy Victoria Park from the council, but the process has been prolonged and the club’s most recent offer was flatly rejected by town chiefs.

Chairman Ken Hodcroft admits in his statement that the owners ‘do not have unlimited patience’ and admits the failure to own the ground is placing some serious doubts over the club’s future.

“The owners have decided to put major planned projects on hold but we have continued to make improvements at substantial cost,’’ he said.

“It is now obvious that the council do not realise the owners do not have unlimited patience.

“The attitude towards IOR and the club beggars belief and unilateral statements to the press are wholly unacceptable.

Statements such as derogatory offers and claims for £600,000 payments shows the council fail to recognise just what the owners and club have done for this town.

“The owners have invested millions of pounds into this football club, the council have done nothing to help. Consequently, unless the council realise their failings and the consequences of their actions and look realistically at what the club and owners are trying to achieve – for the benefit of the town – the owners will need to carefully evaluate the economic model for the future of the club.

“If financial support is withdrawn then the club will disappear from League One (and possibly beyond) and the council will have to answer to the townspeople/businesses and the people who elected them.

“Over 13 years of positive PR for this town will have been lost. A council who does not support its local football club does not support local businesses or outside inward investment.”

The club’s turnover decreased 9.5 per cent to £3.04m in 2009, player wages stood at £2.13m and the club made the same loss of £1.1m as in 2008, deficits again funded by IOR.

Hodcroft also said Mick Wadsworth will remain as coach in temporary control of the first team until next summer, following Chris Turner’s exit as director of sport in August.

That post has been removed and the statement read: “The position of first team manager will remain vacant for the foreseeable future and Mick will remain in charge.

“His brief will be to work with the squad, loan players and limited finances to ensure, as a minimum, League One status this season.’’ Hodcroft revealed that Colin West, first team coach last season, left the club at the request of Turner. While chief executive Russ Green, who left alongside Turner, has been assisting the club behind the scenes in recent weeks.