DARLINGTON FC has taken the first step towards exiting administration and securing a future as a community club.

Administrator Harvey Madden yesterday met creditors to pave the way for a company voluntary arrangement (CVA) to be put in place.

Darlington FC 1883 Ltd will now make a CVA proposal which must be approved by 75 per cent of the non-footballing creditors.

The club could then be taken out of administration following a 28-day cooling off period and the settling of footballing debts.

Mr Madden said: “The creditors agreed the exit route.

What that does is get us to the next stage when the CVA proposal can be put to creditors.

“I know it’s a long process, but we’ve got to do it properly.”

Stephen Weeks, from Darlington FC 1883 Ltd, confirmed talks were ongoing to draw up a CVA proposal.

He added: “Darlington FC 1883 Ltd is in ongoing discussions with our advisor, legal team, the administrator and our creditors, to establish a clear timetable for reaching a company voluntary arrangement and taking the club out of administration.

“We’re working hard to move this forward as fast as possible and will keep the public updated with progress as and when it is made.”

In a further development, it is hoped that issues surrounding £22,400 paid for shares using cash and cheques could soon be resolved.

Investors have expressed concern that the money had not been added to the totaliser, meaning it appeared investments had stalled below the £300,000 mark.

However, Crowdcube, the company running the shares issue, said last night that the problem had been resolved.

Director Luke Lang said: “The delay is because Crowdcube is only geared up to taking on-line payments and cash payments have posed some additional challenges.

“However, I understand that we have worked through a solution and we are now waiting for the money to come through in the next 48 hours.”

Darlington FC 1883 board members will hold a press conference at noon tomorrow to update the media on the latest developments a month since the company’s launch.