THE very existence of Hartlepool United is in serious doubt after a proposed deal to save the club was pulled.

Chris Musgrave, a Hartlepool-born businessman, was in serious talks with Hartlepool Borough Council and the football club. A deal was set to be announced in the coming days.

But, after seeing the state of the club’s finances first-hand he feels unable to help. Pools were put up for sale in December, but Musgrave claims the club’s books give no indication of debt, costs and outlays.

Before last night’s 1-1 draw at Chester City, Musgrave issued a stark statement.

It tellingly read: “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.’’

The club’s vice president Jeff Stelling was at last night’s game and sat with the travelling supporters, wearing his Pools shirt, rather than taking his place in the directors’ box.

Last week he engaged in talks with another interested party and those talks could be resurrected in tandem with the Supporters’ Trust.

Chairwoman Pam Duxbury was not at last night’s game. The club’s head of recruitment was also missing, as he watched Chelsea Under-21s. The club has been under a transfer embargo for a number of weeks now.

Wages, to both staff and players, are due on Thursday. They will be paid, with the online fund-raising campaign standing at over £70,000. Coupled with the gate receipts from Saturday’s near-7,000 crowd and the £50,000 raked in from the sale of Connor Simpson to Preston North End, they have enough to cover immediate outlays.

It is understood that bills for services used and to local companies have been racking up in recent months, with the debts constantly rising as invoices are ignored. Last night the team travelled on a Compass Royston coach, after they travelled by train to their last away game.

The future is bleak. Administration would only mean a ten-point deduction in the National League, but all debts still stand.

Monies are due to HMRC, which are likely to prove their ultimate downfall.

A fire sale of players could happen now before the transfer window shuts for Football League clubs next week. On recent performances, how many of them would be wanted?

The Musgrave statement 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.’’

It concluded: “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.’’

A statement from Gill Alexander, chief executive of Hartlepool Borough Council, said: “The council has long recognised the importance of a successful football club to the town and the local economy.

“For that reason we have been working closely with Mr Musgrave in the hope that the club could be saved. We are disappointed that this does not appear possible at this stage, however we fully understand the reasons behind this decision.

“It has been amazing and humbling to see how football fans in the town and far beyond have come together in recent days to raise thousands of pounds and the council itself will continue to do everything it can to support and try to secure a long term future for the club.”