Darlington debt could put off buyers, fears administrator Madden

Darlington Arena
The financial situation at Darlington has placed the short-term future at risk

Darlington joint-administrator Harvey Madden has said he fears the severity of the financial situation will make it difficult to find suitable purchasers.

The Quakers were placed in administration on Tuesday, and a new buyer sought to save the club.

"It's the amount of debt they have got to pay off," Madden told BBC Tees.

"They've got to pay off football creditors in full, make some commitment to other creditors as well as the ongoing running of the club."

Among the creditors are the club's players, some of whom are still owed monies, former manager Mark Cooper and assistant Richard Dryden.

Former club chairman Raj Singh is also owed a substantial amount for his investment in the business.

Madden added: "The company accountant is calculating the amount at the moment.

"It's basically anything football related - the players' salaries, Mr Cooper and Mr Dryden's severance - those are the sort of football creditor payments that would have to be met if this club were to continue."

The finances at Darlington have been described as 'dire', although the funds available to the administrator will allow Saturday's game at Barrow to go ahead.

But further on-field activities, and the future of the club in general are at risk if a benefactor or long-term buyer of the club and its debts is not found - with the worst case scenario being liquidation.

"The process here is that we'd have to judge that rather quickly," Madden continued.

"If ultimately the administration purpose, which is to try to sell on and keep people's jobs and to keep the club going , is not achieveable then unfortunately the club will have to go into liquidation.

"I still think I will be here next week, but whether that is as administrator or liquidator, time will tell."

The full interview by BBC Tees with Harvey Madden can be heard here on the BBC Tees Sport podcast.

Top Stories