Hartlepool United FC: The Financial Truth Behind the Club's Struggles..
- teessidetoday
- Jul 30
- 3 min read
The Financial Survival of a Local Football Club Seemingly Hinges on One Man, as the latest financial accounts reveal "A Club on Life Support"....
30th July 2025
Hartlepool United Football Club may still be turning out a team at The Suit Direct Stadium— but behind the scenes its claimed the financial foundations of the club are crumbling fast, where the most recent released set of accounts for the year ending 31 July 2024 has lifted the lid on the true state of the club's finances — and it doesn’t make for comfortable reading.
Insolvency in All But Name
Its reported that Hartlepool United ended the 2024 financial year with a staggering £3.96 million pounds in net liabilities — meaning the club owes far more than it owns. That’s an increase of £1.25 million in the space of just 12 months. In plain terms, the club is balance-sheet is effectively insolvent and survives only thanks to continued financial support from its majority shareholder, Raj Singh (trading here as S Singh), who has issued a letter promising to keep the club afloat — at least for now.
This is the second consecutive year the club has posted a substantial annual loss, this time totalling £1.26 million — an increase on last year’s £773,651 loss.
Cash at hand at the club also fell sharply from £621,515 to just £187,766 — a drop of 70% — whilst debts mounted across the board.
Debt Mountain Growing
The clubs balance sheet paints a grim picture, with the club reporting Net liabilities of £3.96 million, (short-term debts) of £1.66 million & a Total creditors said to be Over £4.6 million...
Key debts are said to include:
£1.23 million loan from Sport England’s “Winter Survival Programme” — secured against all club assets.
£1.77 million owed to parent and related companies within Singh’s Prestige Group empire.
Over £1 million in operating lease commitments not shown on the balance sheet.
The club’s limited tangible assets — mostly said to be fixtures and fittings — are now worth just £211,775, down from nearly £300,000 the year before. However, perhaps more worryingly is that our financial investigator claims major stadium and infrastructure disposals suggest the club is quietly stripping assets to cut costs or repay loans & other huge financial liabilities.
Going Concern Warning
Although the accounts have technically been prepared on a "going concern" basis, this relies entirely on Raj Singh’s continued willingness to fund the clubs losses. The club's own auditors — Azets — issued an "emphasis of matter" warning in their report, making clear that without Singh’s backing, the club could face collapse.
And while Singh’s letter of support guarantees funding for the next 12 months, it does not cover the clubs long-term future. One change in circumstance — Singh withdrawing, external creditors calling in debts in full, or a financial shock — and the club would be in serious risk of administration.
No Investment in Players
The club’s balance sheet reveals a shockingly low investment in playing staff. Player registrations were valued at just £2,292, down from £24,792 the year before — meaning the club either sold its key assets, released players on free transfers, or did not invest in permanent signings at all.
For context, League Two rivals often report player values in the hundreds of thousands. Hartlepool’s threadbare valuation suggests a shoestring squad operating on free transfers, short-term deals, or loans — and this is already being reflected in performances on the pitch.
A Club That's Literally on Financial Life Support
Hartlepool United is no longer functioning as a self-sustaining football club. It is a financially broken organisation being kept alive by shareholder subsidy and deferred repayments. Its future now is said to be highly uncertain, and its ownership structure and lack of transparency is only raising further questions, such as how long can the club continue without drastic reform?, What’s the long-term plan if Singh pulls the plug? & Will fans be told the truth about Hartlepool United's financial state of affairs before it’s too late?
For full transparency, the information in this article is sourced directly from the club’s statutory accounts filed on 25 July 2025 & can be viewed on the Companies House Website...
