DARLINGTON FC is losing £54,000-a-week and is more than £4 million in debt, out-going chairman George Houghton reveals in an exclusive video interview with The Northern Echo.

He was speaking having just signed over the running of the club to administrator Dave Clark, although legal formalities are not due to be completed until 3pm. The administrators are then expected to hold a press conference at the stadium mid-afternoon to explain the running of the club until a buyer, or buyers, can be found.

Darlington FC's outgoing chairman, George Houghton, talks to The Northern Echo's deputy editor Chris Lloyd

In the interview, Mr Houghton, who is retaining ownership of the club's 27,500 seater stadium, says he has pumped £1.1 million into the club since December to cover on-going costs. He believes he is now the club's main creditor, owed £3 million, with another £1 million owed to other creditors.

Mr Houghton, 65, who has owned the club for nearly three years, says he feels like an Atlantic rower, pouring all the effort in just to keep paddling but making no progress towards land and breaking even.

He says he is not walking away from the club, but would happily go into collaboration with five or so other businessmen who are prepared to invest £200,000 to £300,000 a year to keep the Quakers afloat.

He blamed low attendances - average about 2,900 whereas about 5,500 are needed to break even - and said that the protracted planning process of the club's £12 million hotel and leisure development had prevented the generation of additional income.

In a statement on the club's official website, www.darlington-fc.net, Mr Houghton said: "This is a sad day in the history of Darlington Football Club but was a result of a combination of circumstances compounded by the current economic recession.

"I have put millions of pounds into this football club and it is with a heavy heart that I have made this decision."

Dave Clark, of administrator Brackenbury Clark & Co, added: "It is clear the club will suffer an immediate 10-point deduction. However, I am confident the club will not suffer any further points deduction once a purchaser has been found.

If the club can maintain its current performance a place in the play-offs is still achievable taking into account the games in hand we have over our closest rivals."

The Quakers were previously placed into administration in 2003.