THE future of Darlington Football Club could be significantly clearer by the end of this week, as the financiers holding a mortgage on the Reynolds Arena prepare to take control.

The Sterling Consortium - financiers Stewart Davies, Melvyn Laughton and Sean Verity - loaned £4m to the Quakers, at an interest rate of 15 per cent, to allow work on the stadium to be completed.

And the group is now on the brink of taking control of the club, having made a last-resort formal offer to protect its substantial investment. The Northern Echo understands that administrators Wilson Field will hold further discussions with the group this week.

Details of a Sterling-funded company voluntary arrangement (CVA) - a deal to keep Darlington out of liquidation - are being sent out to creditors shortly.

The offer is likely to be approved at the second creditors' meeting next month, although administrators have previously admitted that owning the club was "the second last thing" Sterling wanted.

However, the last thing Sterling wants is for the club to go into liquidation, so the group is poised to take charge in the short-term.

That could work in favour of a Supporters' Trust- backed consortium of local businessmen, which is planning to hold talks with Mr Davies to see how Sterling's plans will affect its own aspirations of owning the club.

Mark Meynell, who is heading the group, said: "We are due to meet the Sterling Consortium and, once we have, we'll have a better idea of where we're going from there.

"All the distractions lately have not made things any easier, but we've still got ideas and plans."

Meanwhile, joint administrator David Field will be addressing the Darlington group of the North-East Chamber of Commerce this morning, at Northgate House.

Rob McMullen, of the Chamber, said: "We want to find out what the plans are for the club.

"Obviously, as we have seen in Middlesbrough, a successful football club can have an amazing effect on the economy locally."