Hartlepool United have announced that the club will be taken over on Monday.

Majority shareholders Increased Oil Recovery agreed to sell the club to TMH2014 in December, but the deal fell through.

"For approximately 18 years IOR have owned Hartlepool United but today they can announce that new owners will be taking over the club and Ken Hodcroft will step down as Chairman from today," a statement on the club's official website said.

"IOR believe this will be in the best interests for taking the club forward into hopefully some exciting years ahead.

"IOR would like to thank everybody for working together from January onwards to pull off 'The Great Escape' at the end of last season, including all members of staff and particularly the fans who gave their full support to the club and IOR through what was a very critical period for the club.

"A further more detailed statement will be made on Monday, June 22."

Hartlepool finished 22nd to secure safety in League Two, despite spending the majority of the season in the relegation zone.