Hartlepool are debt free

Peter Harris has paid tribute to Hartlepool's previous owners after revealing they waived debts of £14m in the takeover deal.

Increased Oil Recovery sold its controlling stake in the League Two club to TMH 2014 Limited on Tuesday and with no debts to service, Pools' new owner is poised to invest in manager Ronnie Moore's playing squad. Former Rotherham, Tranmere and Oldham boss Moore, 61, was appointed as Paul Murray's replacement hours after the club confirmed its takeover. "We have had the debt taken away and that was the biggest stumbling block," new chairman Harris told the Sunderland Echo. "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. "(Former Pools chairman) 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." TMH 2014 Ltd has been reported to have reduced ticket prices for Moore's first game in charge on Saturday at home against Oxford. Harris said the club's new board will meet to establish how much money will be made available to Moore and assistant Sam Collins for team strengthening. 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." Previous owners IOR had been in control at Victoria Park since 1997 but came under increasing pressure to turn around the club's fortunes in recent seasons. Pools were relegated to League Two at the end of the 2012/13 season and lie bottom of the table after winning only two of their last 17 games in all competitions.