George Reynolds: "No Way!" - CVA To Be Blocked

Former Chairman George Reynolds has said that he will block the CVA proposal put forward by Sterling next week.

His comments came not long after after the administrators revealed that they had exchanged contracts with the Sterling Consortium for the sale of the business and assets of the 121-year-old club.

The finance group, which holds a mortgage on the Reynolds Arena, is the sole bidder seeking to bring Darlington out of administration - but will want to sell the club on as soon as possible.

However, any deal can only be accepted if the creditors (including George Reynolds) agree, and with Reynolds claiming that Sterling had valued the stadium at £2.5m - a price tag he would not consider, the future of the club is still uncertain.

Reynolds did publically say that he would accept 5p in the pound and Sterling are offering him 10p in the pound (or something like that), but Reynolds said: "I love the club very much and it would grieve me to do it, but I have no alternative."

"There is no way I'm going to settle for ten pence in the pound under these circumstances. They (Sterling) are going to have to come up with a solution, otherwise the club will close."

Sterling will make a full announcement on Monday, so keep an eye out in the local press. The announcement is likely to include the fact that they will be working alongside a local consortium which will include the Darlington Supporters' Trust.

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