A DEAL that could save Darlington Football Club has been revealed to creditors by the Quakers' administrators.

The Northern Echo understands that a proposal offering creditors, including former chairman George Reynolds, a small fraction of what they are owed was sent out last night.

The development comes after the Football League imposed its own deadline of May 28 for the Quakers' long-term future to be clarified.

It means the fate of the 121-year-old club, which plunged into administration last December, will be decided in a hectic period of negotiations after the end of the season.

The company voluntary arrangement deal is funded by the Sterling Consortium, the finance group that owns the stadium and is reluctantly trying to take over the football club.

Administrators Wilson Field declined to comment on any offer to creditors last night, saying only that talks between all interested parties were on-going.

But it is understood that a creditors' meeting will take place on Wednesday, May 19 - the day before Mr Reynolds is due to face a bankruptcy hearing in Newcastle.

The case has been switched to May 20, meaning Mr Reynolds will be able to use his power as the largest creditor to effectively decide whether the Sterling-funded deal goes through the day before.

If creditors reject the proposal, the meeting could be adjourned.

That would allow administrators to wait for the outcome of the bankruptcy case.

If the ex-chairman was then to be declared bankrupt, his say in any vote would transfer to a trustee appointed to look after his interests and a new creditors' meeting arranged for the following week.

Joint administrator David Field said: "If a meeting takes place before Mr Reynolds' bankruptcy hearing and he says yes, that's the end of it, the club is almost certainly saved.

"But if he says no and he isn't made bankrupt on May 20 - and Sterling don't change their position - the club will almost certainly fold."

Mr Reynolds' barrister has vowed to "fiercely contest" the bankruptcy proceedings.

The Football League wants Darlington's position resolved before the end of the month so that next season's Third Division fixture list can be drawn up.

Mr Field said: "That's what we understand the date to be from the league's point of view, so that's what we're working towards."

Club officials are now hoping that fans will provide a huge show of support for manager David Hodgson and the players at today's home game against Swansea City.

Mr Field said: "The manager deserves all the credit in the world for what he's done this season. We want there to be a big crowd and a big party to celebrate the fact that the club is still here and in the league despite everything that's happened."

Read more about the Quakers here.