The financial situation at Darlington has been described as ‘dire’ and joint administrator Harvey Madden fears that it will not be easy to find a buyer for the club given the amount of debt that has to be paid off including football debts which have to be given priority.
The financial situation at Darlington has been described as ‘dire’ and joint administrator Harvey Madden fears that it will not be easy to find a buyer for the club given the amount of debt that has to be paid off including football debts which have to be given priority.
The difficulty at the moment is that the number of prospective purchasers of football clubs has declined and there are clubs available which have fewer problems than Darlington. As Madden made clear, the worst case scenario is liquidation.
Former owner Raj Singh claims to have put £3m into the club since taking over in 2009. It is estimated that any new owner would require £300,000 to £500,000 to keep the club afloat. The owners of the Northern Echo arena are prepared to agreed a new lease: indeed, there would be no apparent alternative use for the stadium.
Fans have had a whip round for the players who have not been paid for two months and this has already raised £5000 using social media sites.