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Hartlepool United are to put a share issue proposal to fans and local businesses, which would potentially raise £200,000.

In a statement, Pools say the club has "dealt with" historical financial issues and are now at a "sustainable" position in terms of cost base.

The share issue could allow Pools to "be competitive", supplementing owner Raj Singh's £2m plus investment.

The club also hopes to recruit volunteers through the scheme.

Hartlepool have made redundancies during the coronavirus pandemic, and hope would-be investors can also add expertise as well as money to the coffers as part of a "community movement".

Under manager Dave Challinor, Pools have been stabilised on the field, and were ninth in the National League - three points off the play-offs - before the season was ended.

"The board outlined the measures that have been taken to ensure the club comes through this period of uncertainty and to cope with the reality of a very difficult climate in football and the wider economy over the next few years,"

"To date the chairman has invested over £2 million in the club to sustain losses which have been the reality of Hartlepool United over many years, and the recent very difficult decisions regarding redundancies and cost savings have been designed to address the sustainability of the club at National League level while retaining the ambition of reaching the EFL.

"The chairman has borne the responsibility of supporting the club financially acknowledging Jeff's (Jeff Stelling) contribution but the idea from the very start was that it was always the aim and intention to attract partnership investment to share the burden."

Fans will be consulted for feedback before any concrete plans are drawn up for the share issue.