MIKE Peden, the wealthy new owner of Darlington Football Club, certainly hit the ground running when he took over in 1997.

With his first breath, he pledged to bring 'excitement and adrenaline' to the club's Feethams ground, based on ambitious plans for a redeveloped stadium and a sports and leisure development on a separate brownfield site.

Fans were in for a rollercoaster ride, but not in the way anyone imagined.

Mike Peden appeared to be the perfect owner.

No stranger to football, his father played in the Football League for Port Vale and Mr Peden himself represented Tynecastle Boys Club as a junior.

His love of the sport continued in America, where he became involved with the Dallas Tornadoes indoor soccer team.

On his first day at Feethams, Mr Peden said: "I've not bought the club for profit. I could get a better return on buying a piece of land."

They would turn out to be prophetic words.

Mr Peden's company, Chadd ington Property and Development, had ambitious plans.

It was behind a £70m scheme to create six leisure complexes, incorporating multiplex cinemas and football centres of excellence. One was earmarked for Darlington.

Any fears that Mr Peden's company may have been over-reaching itself were muted by the general hope that the club had been delivered into the arms of someone who could give it financial stability.

He bought his way into the club by offering "a substantial amount" for the shares owned by Reg Brealey, who promised great things but whose time saw the Quakers sell some of the team's best players.

The Brealey era culminated in the 1995/96 season, with five managers on the payroll and fans fearing for the future.

Mr Peden's hopes that the sport/retail complex could be completed quickly, opening up a new revenue stream, soon went awry and the idea had to be dropped when Darlington Borough Council opposed the original McMullen Road site.

Instead, Mr Peden turned his attention to the Quakers' Feethams ground and the creation of a new £3m stand.

Fears were continuing to grow about the club's ability to service such a large debt.

The resignation of chairman Bernard Lowery didn't help, nor did the poor state of the pitch, which forced the cancellation of several games and further reduced gate receipts.

Quakers lost the momentum that had taken the team to the top of the table.

Mr Peden was forced to take out a £1.25m bridging loan on the stand.

However, by June 1998, the club debt stood at £3.6m. A year earlier it had been just over £600,000.

When Mr Peden eventually sold out to North-East businessman George Reynolds, the Quakers stood on the brink of disaster: Mr Reynolds had to pay £5m just to keep the club from going under.

Apparently undeterred by his bruising experience, Mr Peden launched a bid for Morton Football Club, in Scotland, but the deal was never finalised.

He then concentrated on a children's party company, Billy Bubbles, but that ceased trading last October.

Ironically, Billy Bubbles was once a Darlington FC mascot, the final link with the club Mike Peden believed he could one day take to the top.