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Hartlepool United have been taken over by TMH 2014 Limited after chairman Ken Hodcroft and his Increased Oil Recovery firm sold their controlling stake.

IOR were in control of Pools from 1997, with their high point reaching the League One play-off final in 2005.

Hartlepool are currently bottom of the Football League and without a manager.

"Peter Harris of TMH has taken over as chairman with Ken Hodcroft leaving the board and Russ Green retained as chief executive," read.

"This is, as normal, subject to Football League approval and it is anticipated that such approval will be granted in due course."

91Èȱ¬ Tees Sport had earlier learned boxing promoter Denis Hobson was set to be part of a takeover at Victoria Park, with former Rotherham boss Ronnie Moore close to becoming manager, but it has yet to be confirmed that he is part of the TMH deal.

Hobson is best known in the North East for managing Darlington's former IBF world bantamweight champion Stuart Hall.

Former manager , external after 44 days in charge following the FA Cup loss to Blyth earlier this month, with Pools also bottom of League Two.

Moore, 61, has been out of work since Tranmere terminated his contract in April after he admitted breaking Football Association betting rules.

In a statement, new owners TMH said they anticipated having a new manager in place by the end of the week.

And new chairman Harris commented: "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."