THE finance group that loaned £4m to Darlington Football Club was last night poised to gain control of the Quakers - unless mystery businessman Ted Forster strikes a deal first.

Administrators Wilson Field are drawing up a rescue plan that would allow the Sterling Consortium, the financiers who hold a mortgage on the Reynolds Arena, to take charge of the club.

But Wilson Field also revealed last night it was expecting Mr Forster to arrive from Rhodes today for talks with former chairman George Reynolds.

So far, two formal offers have been received - one from the Sterling group, keen to protect its investment, and another from Mr Reynolds.

Sterling is the main contender to fund a company voluntary arrangement (CVA) - a deal to keep the club out of administration.

Joint administrator David Field said: "They will put money in to enable a dividend to be paid to creditors.

"It's probably the best offer and probably the one we will be going with, unless something else comes along."

The Sterling-funded CVA proposal will be sent out this week and put to creditors at their second meeting early next month.

But Mr Forster could render those plans unnecessary if he succeeds in his plan to take over the club by paying Mr Reynolds £4m to become the major shareholder.

The 53-year-old was believed to be flying to the North-East last night, and Mr Field said talks over a deal could begin this morning.

He said: "If they do a deal at the stadium I will be there and I will know about it."

If the transaction goes through, Mr Forster claims he would then apply for the club to come out of administration and pay other creditors almost all they are owed.

But the administrators are continuing to negotiate with Sterling and a consortium of local businessmen, backed by Darlington Supporters' Trust, which is lining up a bid.

And a serious inquiry from an interested party in the US was made on Monday. An information pack has been sent out.

Mr Field said the bid from Mr Reynolds, who faces a bankruptcy hearing on April 14 after Sterling took action against him, had major difficulties.

He said: "He has made an offer, but the problem we have got is that there is no obvious source of funding.

"We are not dismissing his offer, but it's got problems.

"He gave an undertaking he would cover the costs of administration, which he hasn't done.

"If he has got money, the first thing we'll do is call upon that to cover his guarantee."

Mark Meynell, who is heading the local consortium, said: "We're in regular dialogue with the administrators and there may still be avenues for us to achieve our objectives."

Read more about the Quakers here.