Darlington Football Club's stadium has already been sold off

Former chairman George Reynolds called in administrators last year over club debts of more than �1m.

The administrators, Wilson Field, said earlier that if an agreement could not be reached with creditors the Third Division club would have to close.

Creditors had been assessing a �150,000 rescue package for the 121-year club.

A company voluntary arrangement (CVA) proposal worth �150,000 has been put to creditors.

Stadium sale

If accepted, it could mean the Sterling Consortium taking control of the club.

The meeting was adjourned until 25 May to allow the administrator to consider the validity of claims for money by Mr Reynolds and the Sterling Consortium.

The consortium has already bought the club's stadium, formerly called the Reynolds Arena.

However, Mr Reynolds is understood to be ready to block the CVA deal amid claims he is owed about �20m.

The stadium sale enabled the struggling club to fulfil its fixtures until the end of the season.

Last year, fans from the Darlington Supporters Trust set about trying to raise cash to support the club.