Darlington administrator Harvey Madden explains takeover
Darlington FC administrator Harvey Madden has explained the terms of the club's takeover.
With DFC 1883 Limited buying the club's assets, all debt is still the burden of former owners Darlington 2009.
Madden told BBC Tees: "DFC 1883 have bought all the remaining assets, as well as any good will and the ability to carry the club forward.
"All I have sold on are any assets that have been purchased between the last administration and now."
The new owners will have to come up with around £200,000 before the end of June to prolong the life of the club.
And Madden added: "The deal that has been struck is that 1883 with effectively replace 2009 by buying assets and taking over the good will and hopefully the licence to play football.
"It's really just a swap of those various items from one company to the other and will allow 1883 to represent Darlington football club in the future."
The club were saved by Raj Singh after financial troubles in 2009, but the majority of club assets belong to stadium owners Philip Scott and Graham Sizer.
The pair own the club's 25,000-seater Northern Echo Arena, which they moved to in 2003 after it was commissioned by former owner George Reynolds.
Under the new proposals, the club will not play any games at the stadium.
"This club has been in administration twice before, previously those assets have been sold on and I think Scott and Sizer own the majority of those assets in the deal that they did with the last administrator (Singh)," Madden continued.
Scott and Sizer had been linked with providing financial support for the stricken club earlier this year, but Madden revealed that DFC 1883 were the only serious bidders.
"The decision has been made because 1883 were the only people, ultimately, who came forward and expressed an interest in buying the club and taking it over.
"Since my involvement started on 3 January a lot of people have come forward. For one reason or another they dropped out, but fortunately 1883 were able to commit and we signed an exclusivity agreement giving them a month to do a deal or effectively it could have been the end for Darlington FC."
Madden also defended his role with the club, after concerns were aired that club creditors, including players and staff, would come out of the deal empty handed.
"I would hope that the word failure would never be propositioned against me," he added.
"I could have withdrawn from this club on 18 January when I was effectively giving everybody notice and pulling away from the club and saying that the club would have to be liquidated.
"Since that time, I have put money into the kitties for Darlington 2009 and hopefully that will allow some form of payment to creditors, I don't know how much that will be, but there will be some money available to the creditors.
"The two things we have done is rescue the club and put some money into the kitty by way of huge support from the fans and everybody that has supported this club to enable me to carry on the season and to see the season out.
"I don't think anybody in their right mind would have said that I would have still been here and the players would have played their final game at the end of April.
"We've managed to do all that, and we've managed to self-finance that. At the end of the day, we've managed to turn this into a fans' community club."