THE debt of Hartlepool United to club owners Increased Oil Recovery Ltd has increased to over £9m, figures revealed at yesterday’s AGM.

The club made an operating loss of £1.6m in 2007 and IOR, who took control in September 1997, provided the club with £1.8m in that period.

Turnover fell to £2.7m and football wages rose 24 per cent to £2.12m after promotion from League Two to League One. The club is currently 17 per cent over the salary capping guideline for the division.

The chairman’s statement highlights the club’s disappointment at the level of attendances at Victoria Park this season, described as “a major concern”.

It also reads: “The club has continues to make progress how we expect. We believe we are in a position to remain in League One based on the players we have in place and are ready for a play-off place if given the opportunity and we make full use of the resources.’’ Hodcroft also again emphasised the owner’s desire to successfully complete negotiations with Hartlepool Council to buy Victoria Park.

“We believe that the investment made by the owners in all areas of the club will deliver long-term benefits,’’ he said. “However, for the facilities of the club to move forward it is important the owners are able to purchase the ground lease from the council (the exact same words I used in this report 12 and 24 months ago).

“Negotiations recommenced to secure the lease in early November.’’ Pools are operating with one of their smallest playing squads this season since IOR took over, and Hodcroft added: “The economic climate has changed the way the club is run and we will not welcome any negative attitude in the changes that will be needed in the running of the club which need to be in place for the sole purpose to sustain the club.’’