HARTLEPOOL UNITED chairman Ken Hodcroft has stood down – with the club to become under new ownership.

The Northern Echo understands a recruitment company, JPNG, specialising in the construction and IT sectors, with offices in London and Dubai are to take control from Monday.

Hodcroft and Increased Oil Recovery took over in September 1997 and presided over a period of sustained success in the 2000s.

But investment has dried up in recent years and they have been actively seeking new investment over the last 18 months.

IOR are part of a group of companies with strong Norwegian links and while the club utilised their network to their advantage during the early years of their control, that adventure dried up.

A proposed takeover collapsed earlier this year.

A consortium calling themselves TMH2014 – The Monkey Hangers – fronted by a businessman called Peter Harris were unveiled in December on the day Ronnie Moore took over as manager.

But Hodcroft and the club had grave concerns with the deal and the club remained in the hands of IOR.

More information on the takeover will be announced on Monday, but Russ Green, the current Chief Executive is to stay in his position. 

A statement last night read: “For approximately 18 years IOR have owned Hartlepool United but today they can announce that new owners will be taking over the Club and Ken Hodcroft will step down as Chairman from today.

“IOR believe this will be in the best interests for taking the Club forward into hopefully some exciting years ahead.

“IOR would like to thank everybody for working together from January onwards to pull off ‘The Great Escape’ at the end of last season, including all members of staff and particularly the fans who gave their full support to the Club and IOR through what was a very critical period for the Club.

“A further more detailed statement will be made on Monday 22nd June.’’

Boss Moore has made six signings this summer so far as he rebuilds the squad for next season.

Only yesterday he praised Hodcroft and IOR for their backing in an interview on the club website.

After working alongside Harris and Co for a short while, before reporting to Hodcroft from the end of January onwards, Moore will now be under his third chairman and owners in the space of seven months.