Not so long ago it looked as if Darlington Football Club might fold. But now the club has taken the first steps to survival when the businessman who put the club into administration announced he had secured a funding lifeline. George Houghton said he planned to remain at the club for the forseeable future until ‘a person can offer the club more than I’. The announcement still leaves a number of key questions unanswered. The club will remain in administration for the next couple of months.
Not so long ago it looked as if Darlington Football Club might fold. But now the club has taken the first steps to survival when the businessman who put the club into administration announced he had secured a funding lifeline. George Houghton said he planned to remain at the club for the forseeable future until ‘a person can offer the club more than I’. The announcement still leaves a number of key questions unanswered. The club will remain in administration for the next couple of months. New owners sign an exclusivity agreement to put together a sale agreement and a company voluntary arrangement (CVA). The CVA is sent to creditors to be voted on, which takes 28 days. A further 28-day appeal process takes place. The Football League must also approve the process to return the league share to the club and pass any new owner under the fit and proper persons test. The news of a solution came as a result of discussions between administrators, Mr Houghton, the local council and MP Alan Milburn. Before the club went into administration the council had already agreed it would make land next to the stadium available for development. Discussions continued after the club went into an administration and an agreement has been reached as to how this land could be made available to any future owner of the club.
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