BOSSES and supporters at struggling football club Spennymoor United have come up with a survival strategy, backed by a mystery new owner.

A rescue package put to members on Wednesday night would mean the 100-year-old club forming its own limited company, supported by an unnamed North-East businessman.

Mounting debts, said to be in six figures, have made the club's position increasingly precarious.

Last weekend, it was forced to pull out of an away fixture at Colwyn Bay, in North Wales, because it could not afford to pay £500 to hire a players' bus.

Chairman Barrie Hindmarch said last night he was "fairly optimistic" that the club was on the road to recovery.

However, he was less confident about whether all the club's debts could be honoured.

Mr Hindmarch has written off the considerable amounts of money that he has spent helping to keep Spennymoor afloat.

He said: "We had a meeting with members and they granted the mandate we needed to move forward, subject to negotiations with the prospective new owner.

"We will be Spennymoor United Ltd and we are looking for it to happen sooner rather than later.

"Once the status of the club changes, it could be that we require a creditors' meeting, and there will be a debt practitioner appointed.

"There is a lot to sort out, but I have seen a ray of hope where there wasn't one before."

The club's woes could deepen next week, when it answers to the Unibond League for missing the Colwyn Bay game.

Likely penalties are a heavy fine or having points deducted - worsening its chances of remaining in the league next season.

Mr Hindmarch said: "I am hoping that they will consider the whole situation in terms of the financial side of the club, and they will not be too hard on us.