Darlington FC chairman George Reynolds last night said he was still a happy man - despite an annual "rich list" which claimed his fortune had slumped by by £185m in a year.

And the entrepreneur, who made his fortune manufacturing kitchen worktops, said he believed the £75m figure quoted in the Sunday Times' report was probably too high.

"I would say I've got less than that now," he said. "I reckon I'm worth between £40m and £70m."

Mr Reynolds slipped in the list from joint 126th last year, with £260m, to 465th - on equal footing with Middlesbrough FC chairman Steve Gibson, car dealership magnate Sir Peter Vardy, and North-East film-making brothers Ridley and Tony Scott.

Mr Reynolds said: "Manufacturing in this country has gone through a terrible recession. All the stuff is coming in through that Tunnel and all the money's going back out of it."

While 15 to 20 years ago, manufacturing accounted for up to 80 per cent of the UK market, it was now as low as 20 per cent.

"I've been slaughtered this year," he said. "I just about gave George Reynolds UK away."

He said his first year as owner of the Quakers saw him put £50,000 a week into the club, while he also invested about £73m in George Reynolds UK before the decline. Further investment into the club has included the development of the new stadium in Neasham Road.

But having sold other business interests, including the chipboard manufacturing firm George Reynolds UK for £50m less than expected, he said he was happy to be concentrating on his "first love", the football club.

High-fliers from the region on this year's list include North Yorkshire anti-euro campaigner and property developer Paul Sykes (equal 61st with £480m), the Duke of Northumberland (equal 111 with £300m), York's construction company owners the Shepherd Family (equal 157th on £210m), rock star Sting (equal 209 with £150m) and Darlington businessman Duncan Bannatyne (equal 392 on £90m).