GEORGE REYNOLDS' claim against Darlington Football Club was being scrutinised by administrators last night as the Quakers' future hangs in the balance.
The former chairman has submitted a "substantial" claim to administrators Wilson Field ahead of tomorrow's creditors' meeting.
The exact figure is not known, but Mr Reynolds has said he is owed about £20m. His claim has been backed up by documentary evidence, which is being investigated.
The club's last audited accounts show that Mr Reynolds is owed £5.6m, although joint administrator David Field is also understood to be studying those documents.
Prospective owners the Sterling Consortium and Deloitte and Touche, the liquidators of George Reynolds UK, have yet to stake their claims.
The meeting is to be held at Darlington's Neasham Road stadium but could face a delay if there are disputes over the size of Mr Reynolds' vote.
On paper he is the largest creditor and holds more than 25 per cent of the vote - the figure needed to sink a £150,000 Sterling-funded company voluntary arrangement (CVA) proposal.
If administrators do not allow Mr Reynolds to vote for a claim large enough to see the CVA rejected, he or any other creditor sharing his views could appeal against the decision.
Likewise, if he is given the power to stop the deal going through, that could be challenged.
If that was to happen, any appeal would have to be made within 28 days of the meeting and then go to court at a later date.
Mr Field said: "We have received a number of claims, including one from Mr Reynolds, and we are investigating the validity of the claims we have received to determine how much, if anything, we will admit them to vote for at the meeting.
"At this moment, we are unable to state what the outcome of the meeting will be. Even if the meeting approves the CVA, it is still subject to approval by the Football League."
The timescale for Darlington is tight, with the League having imposed a deadline of May 28 for the club's situation to be clarified.
Mr Reynolds' bankruptcy hearing takes place in Leeds on Thursday, having been switched from Newcastle.
If he is declared bankrupt, a trustee would be appointed to look after his interests.
A trustee would have to discuss matters with Mr Reynolds before any further steps were taken - leaving the Quakers with little time.
Read more about the Quakers here.
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