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Hartlepool United Supporters Trust and their proposed consortium have been unable to agree a deal to take over the club from chairman Raj Singh.

Singh put Pools up for sale at the end of last season, and the HUST entered discussions about a bid.

In a statement, Singh confirmed a viable agreement could not be reached with the group "at this stage".

"The stark reality is that it costs a lot of money to operate a club in the National League," Singh said.

"Especially if promotion is the aim and not just sustainability. Initial proof of funds were supplied however I haven't yet received information as to how the consortium would formally work or how it would run and fund the club going forward, which I did request in December.

"Personally though I want to thank the Trust and consortium for their efforts and I will keep dialogue open.

"Having listened to feedback and regardless of anything else that happens next, I will be approaching the Trust and other supporter groups as to how they can represent more formally within the club, which could include a form of shareholding or stake."

Singh confirmed the club, who are 14th in the National League and seven points above the drop zone, are still up for sale should the right parties come forward.

They appointed former England striker Kevin Phillips as their new head coach on Saturday.

"I'm open to serious offers and will actively welcome further approaches if they can safeguard this club's future and also realistically help fund and accelerate taking the team back to where we all want it to be," Singh said.

"Immediately now in the short term, and given the position the team finds itself in, I need to reiterate and provide assurances with significant financial backing for the manager and club staff.

"We must get the team clear from any potential relegation fight as an absolute priority and ideally start looking upwards."