THE Reynolds Arena has been sold to the financiers whose £4m loan helped build it, the administrators of Darlington Football Club confirmed yesterday.

The 25,000-capacity stadium is now owned by the Sterling Consortium, the finance group that also has designs on taking over the playing side of the Quakers' business.

Joint administrator David Field said the deal had been concluded to safeguard the club's immediate future.

He said: "The joint administrators can confirm that, under their powers pursuant to the Insolvency Act 1986, they have agreed a sale of the stadium to members of the Sterling Consortium. The sale of the stadium does not affect the club's ability to fulfil its fixtures to the end of the season."

The latest development has afforded the club time for negotiations between Sterling and major creditors, particularly former Darlington chairman George Reynolds.

If a settlement is reached, it would secure the long-term future of the 121-year-old club.

But there is understood to have been little progress, especially because Sterling has issued a bankruptcy petition against Mr Reynolds, with a court hearing on Wednesday.

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