Thu, 16 Feb 2012 | ADMINISTRATION
Fans of Darlington Football Club have been given extra time by the club’s administrators to try to raise the funds to buy it out of administration.
The supporters’ group, Darlington FC 1883 Ltd, is issuing shares in the club to try to raise the £750,000 necessary to purchase the ailing club. The group has set up a scheme that is selling individual shares for £100. They have already raised enough money to ensure the Quakers' future until the end of this season.
Joint administrator, Harvey Madden, from the insolvency and turnaround specialists Taylor Rowlands, said that shares will be made available in three tranches of 2,500 shares, and the group has been given until 30 April to come up with the funds.
He said the rescue group firmly believes that the action will be able to lift the club out of administration and that they have the support of the club’s former chairman and creditor, Raj Singh.
“An Financial Services Authority registered company called Crowdcube, which is in the business of financing crowd-funding platform to raise equity, will be involved in this,” Mr Madden explained. “It will basically be a small investment times a lot of members equals the funds needed to go forward for the football club.”
The announcement of the share plan came after the club had to postpone its home game against Wrexham last Saturday.
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