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Page last updated at 12:18 GMT, Thursday, 25 June 2009 13:18 UK

Darlington edge toward agreement


Darlington's creditors have met and agreed on the first stages of a Company Voluntary Agreement which should secure the club's future.

Nearly 95% of the creditors in value voted in favour, but the club now needs 50% of all creditors not involved with the club to agree in a second vote.

The creditors would get 0.09p in the pound of monies owed by the club should the agreement go ahead.

A 28-day appeal period will now take place before the second vote.

Once an agreement goes through George Houghton can buy back the club and then sell it on, as previously agreed to incoming chairman Raj Singh.

The club can then come out of administration, a move expected within the next four-to-six weeks.

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