DARLINGTON FC was left on a knife-edge last night after the Football League insisted that George Reynolds must agree to any rescue deal.

Administrators Wilson Field held talks with League bosses yesterday, updating them on the precarious situation regarding the Quakers' future.

The Sterling Consortium, the financier that holds a mortgage on the Reynolds Arena, has exchanged contracts for the sale of the club's business and assets - subject to creditors' approval.

But former chairman Mr Reynolds told The Northern Echo last week that he would vote against a Sterling-funded company voluntary arrangement (CVA) and would rather see the club fold.

As a result, administrators travelled to Preston for discussions with the Football League to consider possible ways forward.

League rules on administration state that an agreement must be reached with creditors for a club's share in the Football League to be transferred to new owners. At present that will not be possible, with Mr Reynolds stating that, as the largest creditor, he will sink the Sterling deal.

The administrators are hoping that the League will be prepared to waive its policy and that an alternative way of doing a deal can be found.

But last night, a spokesman for the League said it was not prepared to move the goal posts for the Quakers' sake.

He said: "We have an insolvency policy that is applied to all clubs that go into administration. Part of that policy is that creditors are satisfied."

The CVA proposal was due to be sent to creditors this week, but that has been delayed because of Mr Reynolds' declaration that he would scupper it.

The League's stance means that administrators must hope an agreement can be reached with Mr Reynolds - or the club will be liquidated.