Mr Reynolds became chairman of Darlington in 1999

Mr Reynolds, 67, who resigned as chairman of the struggling Third Division club on Tuesday, has challenged potential successors to "put up or shut up".

He called in administrators before Christmas amid club debts of more than �1m and to avert an Inland Revenue winding up order.

A consortium of local business leaders and supporters says it is trying to raise �250,000 to help bail the club out.

But Mr Reynolds said: "They're talking about raising �250,000 - that wouldn't do it for a month. They're dreamers."

And as the club's supporters' trust discussed the crisis on Tuesday, administrators warned the business faced "extinction" because of a lack of up-coming home games.

The Quakers have only one home match in February and joint administrator Dave Field said a lack of gate receipts would deepen the financial crisis.

The new Reynolds Arena opened in 2003

Mr Field said: "We have one home game in February and we will have to review the position when we get to that date.

"We have to be able to pay the bills and fund the administration."

He said Mr Reynolds was the majority shareholder and a creditor, but had no involvement in the club's day-to-day running.

However, despite resigning as a director, Mr Reynolds is refusing to throw in the towel.

Biggest creditor

He said: "What happened is that, over the past couple of months, they've been chanting for my head.

"So I said to the administrator `I'll step down, take a back seat', and I've left my chair there for all these so-called millionaires and billionaires to come in and see what happens.

"And there's nobody stepped forward.

"The fact of it is, if nobody comes in, I'll end up back in the chair. But I'm giving them an option now.

"All they've got to do is put their money where their mouth is. Either put up or shut up."

Mr Reynolds insists he is the club's biggest creditor after initially paying off their debts and investing �25million in the new 25,000-seater home, the Reynolds Arena.

Tony Taylor, of the club's supporters' trust, said: "I don't want anyone to be in doubt that in six weeks time, the club could face extinction."

The trust is organising a series of events to raise their planned �250,000, including a fundraising match at the Reynolds Arena and the launch of a special beer.