Corporate: Darlington FC Granted Stay of Execution 18 January 2012

A "13th-hour development" has saved Darlington FC from imminent liquidation.

The club – nicknamed the Quakers – were reportedly dead and buried earlier today with players tweeting it was to be wound up.

But the Blue Square Bet Premier side have been granted a three-match stay of execution.

Joint administrator Harvey Madden was locked in frantic last-minute talks with a group of fans from the DFC Rescue Club in a bid to safeguard the team.

And a deal has reportedly been reached to secure the side's short-term future – buying the club more time to reach a detailed agreement between the potential ground developers, the rescue group and former chairman Raj Singh.

With the club on the brink of liquidation Madden reportedly received a call from the rescue group claiming they could pump £50,000 into the club.

Speaking to Insolvency News a club spokesman said: "All I can say is there has been a 13th-hour development, an announcement will be made – I can't say anymore, it's currently in the hands of the administrators."

Darlington player James Gray tweeted: "#darlo next 3 games on! You couldn't write it, I didn't see this coming, need all your support on Saturday for the lads!"

Just two hours beforehand the same player had written: "Not the news everyone is (sic) after ! So sorry to all fans ! Clubs gone."

Madden, of Rowlands Accountants, is due to release an official statement about the developments shortly.