New owners will take charge of Hartlepool United from Monday, 22 June, majority shareholders Increased Oil Recovery Limited (IOR) have confirmed.

Chairman Ken Hodcroft will also stand down immediately and in a statement IOR said "this will be in the best interests for taking the club forward".

The move comes four months after a deal to sell Pools to TMH2014 fell through.

It announced its takeover subject to Football League approval in December 2014 but the deal was never ratified.

That meant IOR, who have been at the helm since 1997, continued their control of the club.