The new Reynold's Arena has a capacity of 27,500

Millionaire Mr Reynolds said he took the decision to protect the club from being wound up by the Inland Revenue.

The move comes just months after the club unveiled a new �25m stadium and with the team just one place off the bottom of the Third Division.

But Mr Reynolds has been locked in a legal battle with Darlington Borough Council over alternative uses for the stadium.

He wanted to use the stadium for car boot sales, but was refused permission by council bosses.

In a statement, he said: "I have today invited the appointment of joint administrators to protect the club from being wound up by the Inland revenue, who have issued a winding-up petition.

Viable venue

"I will provide every assistance to ensure the future well being of the club.

"Whilst the administrators resolve the footballing issues, I will endeavour to develop other commercial interests for the benefit of the club."

Mr Reynolds said the stadium needed to be used for other uses to make the venue viable.

He added: "I've built a magnificent stadium, but we cannot sustain this stadium on 12 working hours a month.

"Television money has gone and the gates are not very good, so we wanted to host computer fairs and car boot sales.

"The council have to allow us to make money.

"The club will survive if the council allow us to work more than 12 hours a month.

"I have been telling them for the past four months that we would end up in trouble if we were not given any help."

The stadium, which can hold a capacity of 27,500, rarely has more than 10,000 seats filled.