Quakers set for Todd era (From The Advertiser Series)

Quakers set for Todd era

10:41am Thursday 2nd July 2009

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NEW Quakers manager Colin Todd was preparing to unveil his playing squad after the club took another step towards leaving administration.

The club’s creditors last week accepted the administrators’ proposals which are expected to enable the new season to begin without any points deduction.

Companies and creditors with the equivalent of 93 per cent of the club’s £7.8m debt passed the Company Voluntary Arrangement (CVA) at a creditors’ meeting. Only one creditor attended the short meeting.

The others voted by proxy.

The club needed at least 75 per cent of its creditors to accept the proposals for the CVA to be passed.

The document also had to be passed by more than half of the creditors unconnected with the club – 85 per cent voted in favour. All football creditors, including players and other clubs, will receive all their debt. Unsecured creditors, including councils, the tax man, local businesses, have accepted 0.9p in the pound.

Mr Todd, who has yet to sign a contract with the Quakers, was delighted that the club had crossed another hurdle.

He said: “The green light is there now. I’m delighted for Raj (Singh) and obviously delighted for myself.”

Dave Clark, of administrator Brackenbury Clark & Co, was confident the CVA would enable Darlington to start the forthcoming League Two season without any further points penalty. He said: “It was a bit of a formality, really.”

The CVA will return control of the club to Mr Houghton, but he is in advanced stages to sell it on to his previous vicechairman Mr Singh.

The administration process will take from four to eight weeks to complete, enabling an appeal process and all paperwork to be finalised.

After that, the sale can be completed with Mr Singh, and the club can offer contracts to players and management who have agreed to sign.

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