DARLINGTON FC administrator Harvey Madden has announced that the club needs to raise £750,000 by April 30 to come out of administration.
Mr Madden has been given an undisclosed sum of money from supporters to enable a stay of execution.
He told a press conference at The Northern Echo Arena that £600,000 would make the club viable.
Under a plan drawn up by members of Darlington FC Rescue Group, the £750,000 would be raised in three phases of £250,000 through the sale of shares.
The shares will be available priced at £100 each and will be released in blocks of 2,500. They will initially be available on a two-for-one basis.
Money spent in the first phase would be protected, so that if the initial £250,000 is not raised, buyers would get their money back.
Members of the rescue group, which has been negotiating with Mr Madden for some time, have formed a new company, Darlington FC 1883 Ltd in order to issue the shares.
If the full sum is raised, a Company Voluntary Arrangement (CVA) would have to be voted on by creditors before the club can be formally taken out of administration.
The players will be paid on a match by match basis, and Mr Madden said he will try to enhance this if at all possible.
Describing the community plan as a "viable way forward", he added: "We have been here (in administration) three times before - I am the third guy sat here and I hope I am the last."
Darlington MP Jenny Chapman said: "What we now need to see are sustained good attendances at matches and a really strong showing of support through the purchase of shares.
"The administrator has asked the question, "does Darlington want a football club?" and the answer has to be "yes"."
Follow the story via the feed below as reporter Joe Willis and editor Peter Barron tweet live from the press conference.
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