BELEAGUERED Darlington Football Club faces the biggest date in its 121-year history today as creditors prepare to vote on the only rescue package on the table for the Quakers.

But administrators conceded last night that the outlook was grim for the battle to save the club.

Creditors are being asked to approve a company voluntary arrangement (CVA) - offering them a total of only £150,000 - as part of the Sterling Consortium's purchase of the business.

The financiers will acquire the Quakers' business and assets in a deal to be concluded on May 28 - the Football League's deadline for the saga to be resolved.

But securing a CVA is essential if Darlington's share in the League is also to be transferred to new owners.

Former chairman George Reynolds' claim against the club will be the crucial talking point and is likely to be challenged at the meeting, causing a delay the Quakers can ill afford.

If administrators do not allow Mr Reynolds to vote for a claim large enough to see the CVA refused, he or any other creditor could challenge the decision. The same applies if he is given the power to prevent the CVA going through. Other creditors could challenge the ruling.

If there is a challenge, the appeal will have to be made within 28 days of the meeting and the legal arguments pored over at a later date - possibly too late for the club.

Joint administrator David Field said: "It is looking bleak. There is time, but the problem is that time will run out very quickly."

Deloitte and Touche, the liquidator of George Reynolds UK, had not submitted a claim last night nor indicated to administrators which way it would be voting.

* Sunderland were last night counting the financial cost of their failure to win promotion to the Premiership after more than £1.7m was wiped off the value of the club.

The company's shares lost almost of a quarter of their value after Monday's defeat to Crystal Palace ensured they would remain in the First Division for another year.

"Investors took the view that Sunderland could win promotion," said Vinay Bede, of stockbrokers Wise Speke. "So when they didn't it was inevitable that the club's value would drop accordingly."

Jason McAteer sets the alarm bells ringing - Back Page