NEW Hartlepool United chairman Peter Harris has revealed the club is debt free after IOR wiped out £14m as part of the sale.
He also confirmed there will be investment in the side in a bid to boost struggling Pools who are bottom of the Football League and six points adrift of safety.
Harris was unveiled at a press conference held at Victoria Park and he confirmed the initials of the new owners - TMH 2014 - does stand for The Monkey Hangers in a nod to the town’s folklore.
Harris told SportMail: “We have had the debt taken away and that was the biggest stumbling block.
“The club has no debt.
“£14m has been taken away, that is a good start and we are on the right track.
“IOR have wiped that off and that made it a little more attractive, I have to say.
“Ken [Hodcroft] has been very professional and very honest and transparent. Everything we asked for he gave to us immediately.
“I wanted it done before Christmas to give the new manager time to look at the players.
“I have to praise Ken for that, I know he doesn’t have a good name at the moment but he has left a club that is very professionally run.
“That is all credit to him.”
The new bosses have wasted no time since taking charge at Pools, appointing experienced Ronnie Moore as manager and slashing ticket prices for Saturday’s home match with Oxford United.
Harris confirmed there will be funding available for Moore to add players to the squad.
He added: “Until Ronnie identifies the players and who he wants in we can’t put a figure on it.
“We will sit down and have a discussion in the board room.
“There are funds available for the right people.”