THE future of Darlington Football Club still hung in the balance last night as the deadline for take-over bids passed with no offers on the table.

Administrators will be sending details to creditors next week of a fall-back rescue deal, potentially involving the Sterling Consortium - the finance group that holds a £4m mortgage on the Reynolds Arena.

The proposed company voluntary arrangement (CVA) - a deal to keep the Quakers out of liquidation - will be formally put to creditors at their next meeting at the end of the month.

Administrators are keeping the identity of who will fund the CVA under wraps.

However, under the terms of the Sterling loan, the club agreed to pay 15 per cent interest, and the firm is unlikely to write off the huge amount it will be owed.

If the deal is accepted, the club could come out of administration within days.

However, the door remains open for other interested parties to launch a bid.

Of all the parties to have shown an interest in the club, only a consortium of local businessmen and Darlington Supporters' Trust remain in contention.

Greece-based fan Ted Forster's interest has now waned, but the consortium's efforts have been seriously hindered by the lack of clarification of the club's debts.

Verification of the validity of former chairman George Reyn-olds' claim for about £20m remains crucial to its efforts.

The group's funding providers are already said to be uneasy about the on-going mystery, and a huge question mark would hang over the club's future if it was forced to abandon its bid.

David Elliott, of administrators Wilson Field, is understood to be finalising the "Plan B" CVA proposal.

Joint administrator David Field said: "In the meantime, if anybody wants to make us an offer, we will put that to creditors instead of, or as well as, our proposal."

Mr Reynolds will need to have submitted and substantiated any claim by the creditors' meeting.

Last night, he insisted he would accept 5p for every pound he says he is owed.

He said: "I have said all along that people should put their money where their mouth is. They have all made a big noise, but none of them has come up with a bid."

Read more about the Quakers here.